Binance has integrated its payment platform, Binance Pay, with Brazil’s Pix system to facilitate cryptocurrency transactions in Brazilian reais.
This integration enables Binance users in Brazil to conduct direct transfers from their exchange accounts to any local bank account or merchant accepting Pix.
This initiative supports over 100 cryptocurrencies, allowing for instant conversion and transaction completion within seconds.
Pix, an instant payment solution, was launched by the Central Bank of Brazil in 2020.
Binance CEO Richard Teng said: “Integrating Pix, a remarkable development by the government of Brazil, with Binance Pay marks a revolutionary step forward, combining the speed and accessibility of Brazil’s instant payment system with the global reach and innovation of Binance. This synergy empowers users with seamless, real-time transactions, enhancing the crypto experience and driving financial inclusion to new heights.”
Binance Latin America regional vice president for Guilherme Nazar added: “This is a significant milestone because it is the first time Binance Pay is integrated into a national payment system in the world.
“It allows our users in Brazil to use their cryptocurrencies for payments at any commercial establishment and to anyone in the country, quickly, safely and easily, using a system they are already familiar with.”
Binance Pay is a cryptocurrency payment feature on the Binance app, enabling users and merchants to pay, send and receive crypto globally.
The payments network supports in over 300 cryptocurrencies for more than 40 million active users and 32,000 merchants, to date.
Binance serves over 270 million people across more than 100 countries.
Earlier in the month, the company signed a memorandum of understanding with the National Agency for Investments of the Kyrgyz Republic, aiming to bolster the growth of digital assets in the region.
“Binance Pay integrates with Brazil’s Pix for instant crypto payments ” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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