Binance Pay teams up with Credencial Payments to expand crypto payments in LATAM Binance Pay, a global crypto payment platform, has announced a strategic partnership with Credencial Payments, a leading payment solution provider in Latin America (LATAM). The aim of the partnership is to increase the accessibility and adoption of digital currencies in the region. Binance CEO CZ tweeted about the news, highlighting the vision of the partnership to make crypto payments more simple and convenient across LATAM.
Binance Pay in Latin America (LATAM) Binance Pay will seamlessly integrate with Credencial Payments’ existing infrastructure, allowing merchants to easily accept digital currencies as a payment option.
By using Binance Pay, businesses in LATAM will be able to offer various cryptocurrencies to their customers, who can make instant payments with their preferred digital assets. Credencial Payments will take care of the necessary conversions into local fiat currencies, ensuring a smooth transaction process for all parties involved.
In 2022, several factors contributed to the growing popularity of cryptocurrencies in Latin America, such as inflation, cross-border payments, asset tokenization, and nonfungible tokens (NFTs). These factors accounted for 9.1% of the total global value received through cryptocurrencies in 2022. Brazil’s central bank plans to conduct tests on its Central Bank Digital Currency (CBDC) this year and aims to launch it to more than 200 million people by 2024.
