In a significant move aimed at expanding the accessibility of digital currencies in Latin America (LATAM), Binance Pay has announced a partnership with Credencial Payments, a payment solution provider based in the region.
Binance CEO CZ took to Twitter to announce the strategic collaboration, which seeks to simplify and enhance cryptocurrency payments throughout the LATAM region.
As a leading global cryptocurrency payment platform, Binance Pay will seamlessly integrate with Credencial Payments’ existing infrastructure, enabling merchants to effortlessly accept digital currencies, News About Nigeria reports.
With the integration of Binance Pay, businesses in LATAM will gain access to a wide range of supported cryptocurrencies, empowering their customers to make real-time payments using their preferred digital assets.
Credencial Payments will handle the necessary conversions into local fiat currencies, ensuring a smooth transaction experience for all parties involved.
Inflation, cross-border payments, asset tokenization, and non-fungible tokens (NFTs) have been major drivers for crypto adoption across Latin America in 2022, accounting for 9.1% of the global crypto value received.
Brazil’s central bank plans to test its central bank digital currency (CBDC) this year and aims to release it to over 200 million people in 2024.
Maximiliano Hinz, Director of Binance for LATAM Cono Sur, expressed enthusiasm about the partnership’s potential impact on cryptocurrency adoption in the region.
Hinz stated, “Our goal is to make cryptocurrency payments more accessible and integrated into everyday life. This partnership with Credencial Payments is a significant step towards achieving that goal.”
Ignacio Szperling, Strategy Manager of Credencial Payments, emphasized the value of the partnership, stating, “This agreement with Binance will promote new payment methods and simplify transactions for both merchants and consumers, bringing the best of the crypto world to the traditional one.”
As the collaboration unfolds, users can expect a more seamless and user-friendly experience when making digital cryptocurrency payments.
With Binance Pay and Credencial Payments working hand in hand, the barriers to the widespread adoption of digital currencies in LATAM are steadily diminishing.
