- Credencial Payments’ current infrastructure will be integrated with Binance Pay.
- The partnership is aimed to lower the threshold for using digital currencies in Latin America.
Binance Pay has partnered with Credencial Payments, a payment solution provider located in Latin America (LATAM), in a major step toward increasing access to digital currencies in LATAM. CZ, CEO of Binance, also tweeted about the agreement that would streamline crypto payments in the area.
Credencial Payments’ current infrastructure will be integrated with Binance Pay, a major worldwide cryptocurrency payment platform, allowing businesses to easily accept digital currencies. Businesses in LATAM may now accept payments from their consumers in real-time with Binance Pay using a broad variety of cryptocurrencies.
Lowering Threshold to Use Crypto
it is very highly likely that the transaction will go through without a hitch. Since Credencial Payments will manage all currency exchanges into local fiat currencies. The main reasons why people in Latin America started using cryptocurrencies in 2022 were inflation, international transactions, tokenizing assets, and the use of non-fungible tokens (NFTs).
Moreover, they contributed 9.1 percent of the total cryptocurrency value in 2022. Over 200 million Brazilians may expect to use the CBDC when it undergoes testing this year. Binance’s LATAM Cono Sur Director Maximiliano Hinz is optimistic that the collaboration would help increase crypto use in the area.
“Our aim 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.”
Furthermore, the partnership’s importance was also stressed by Ignacio Szperling, Strategy Manager of Credencial Payments.
“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.”
Moreover, as the partnership develops, customers may anticipate a more streamlined and intuitive process when paying with digital cryptocurrencies. Binance Pay and Credencial Payments are collaborating to lower the threshold for using digital currencies in Latin America.