Binance Pay, the payment solution from the world’s largest cryptocurrency platform, has officially integrated with Pix, Brazil’s popular instant payment system. This groundbreaking integration enables Binance users in Brazil to make instant payments and transfers in Brazilian Reais (BRL) using cryptocurrencies, facilitating seamless transactions with any individual or merchant across the country.
The new functionality allows Binance users to directly fund bank accounts or pay merchants accepting Pix, with the value of their digital assets instantly converted to BRL. This real-time conversion and rapid transaction completion bring cryptocurrency into everyday spending, supporting over 100 cryptocurrencies.
Richard Teng, CEO of Binance, highlighted the significance of the integration: “Combining the speed and accessibility of Brazil’s instant payment system with the global reach and innovation of Binance marks a revolutionary step forward. This synergy empowers users with seamless, real-time transactions, enhancing the crypto experience and driving financial inclusion to new heights.”
Guilherme Nazar, Binance’s Regional Vice President for Latin America, noted this as a global first for Binance Pay. “This is a significant milestone because it is the first time Binance Pay is integrated into a national payment system in the world,” Nazar stated. “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.”
Pix, launched by the Central Bank of Brazil in 2020, has quickly become the preferred payment method for Brazilians, with over 174 million users and approximately 6 billion transactions monthly. Data from the Central Bank indicates that 76.4% of the Brazilian population uses Pix, surpassing cash and debit card usage.
“The integration of Binance Pay with Pix makes cryptocurrency payments more intuitive and familiar to Brazilians… and consequently boosts the growth of digital asset adoption in the country,” Nazar added.
Brazil is a significant market for cryptocurrency adoption, ranking 6th globally with about 17.5% of its population owning some form of digital asset. A recent survey for Binance showed that 42% of Brazilian investors are exposed to digital assets, matching the percentage of those holding investment funds and stocks.
