Binance Pay Integrates With Pix, Enabling Instant Payments In Brazilian Reais Using Crypto
In Brief
Binance has integrated Binance Pay with Brazil’s Pix system, allowing users to make real-time payments in Brazilian reais using cryptocurrencies and facilitating seamless transfers to individuals or businesses across the country.
Cryptocurrency exchange Binance announced the integration of its payment service, Binance Pay, with Brazil’s Pix system. This allows users to make real-time payments in Brazilian reais using cryptocurrency, facilitating seamless transfers to individuals or businesses throughout Brazil.
“This synergy empowers users with seamless, real-time transactions, enhancing the crypto experience and driving financial inclusion to new heights,” said Richard Teng, CEO of Binance, in a written statement.
Through this integration, Binance users in Brazil are now able to initiate real-time transfers and payments from their exchange accounts to any bank account or merchant that supports the Pix system. Digital assets are automatically converted into Brazilian reais at the point of transaction, allowing for completion within seconds. With support for more than 100 cryptocurrencies, this development connects Binance Pay with Brazil’s widely adopted Pix network, simplifying the use of digital assets in routine financial activities and facilitating broader cryptocurrency adoption in daily transactions.
Binance Pay And With Pix: Enhancing Crypto Payment Accessibility And Driving Digital Asset Adoption
Pix, the instant payment platform developed by the Central Bank of Brazil, has become a widely adopted method of transaction since its introduction in 2020. The system is now used by over 174 million individuals and various institutions, facilitating approximately 6 billion transactions each month, based on official data.
“Pix is one of the largest payment systems in the world, and it is already used on a daily basis by over 170 million people in Brazil. While paying with Pix has become very natural in the country, the adoption of cryptocurrencies has also grown significantly,” said Guilherme Nazar, Binance’s Regional Vice President for Latin America to Mpost.
A study titled “Brazilians and their Relationship with Money,” published by the Central Bank, indicates that Pix is currently used by 76.4% of the population, surpassing both cash and debit card usage, which stand at 68.9% and 69.1% respectively.
Furthermore, Brazil ranks as the sixth-largest market globally in terms of cryptocurrency adoption, with approximately 17.5% of its population holding some form of digital asset, based on data from consultancy firm Triple-A. A separate study by Instituto Locomotiva for Binance indicates that 42% of Brazilian investors have exposure to cryptocurrencies, a proportion comparable to those investing in mutual funds and equities.
Guilherme Nazar highlighted that the country is one of Binance’s top ten markets, experiencing substantial growth. For example, while Binance’s global user base increased by 47% last year, its users in Latin America grew by 63%, with Brazil being the largest market in the region.
“Brazilians are very receptive to new technologies. That’s why it is only natural that the integration of the largest cryptocurrency platform with Pix becomes very popular amid the growing penetration of cryptocurrencies in the country. Our local users can now leverage real utility for their cryptocurrencies through a familiar process that is easy to use anywhere,” noted Guilherme Nazar.
“Payments are the most obvious use case for cryptocurrencies, and this integration provides a simple and seamless way to bring cryptocurrencies into everyday use, allowing users in Brazil to pay for everything from coffee to school bills, and from gas to groceries,” he added.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
