Cryptocurrency payment leader aims to transform e-commerce in Brazil

RIO DE JANEIRO, BRAZIL – One of the world’s leading cryptocurrency payment solutions companies, CoinPayments landed in Brazil in 2021 and has ambitious expansion goals in the country, with the main target of processing over R$520 (US$100) million by December.

Founded in 2013, the company offered its services in Brazil but did not have an exclusive operation in the country. That changed in mid-April, when CoinPayments decided to begin its Latin American expansion in Brazil. According to the company, the choice stemmed from Brazil’s regional leadership in this market.

“The cryptocurrency market is growing and consolidating in Brazil, which places the country on the investment and innovation track in the sector. A technological structure capable of meeting this demand needs to be ensured, allowing people and companies to use these assets,” said Rubens Neistein, CoinPayments’ business director in Brazil.

CoinPayments has a wallet management and cryptocurrency custody software and offers its clients tools to receive payments in cryptocurrencies such as bitcoin, ether, and more than 2,100 other digital assets – including the option of instant conversion to fiat currencies.

According to Rubens, the advantages for retailers who accept cryptocurrencies include security, savings, and new customers.

“When paying with cryptocurrencies, there is no chargeback. From the moment payment is received in crypto in the wallet, there is no chargeback. The second point is lower fees. Currently the fee for a cryptocurrency payment using CoinPayment is 0.5% and a retailer receives this amount in cash in his/her wallet. The third point is the large customer base that this gateway user will have access to.”

“Currently, cryptocurrency holders have enormous purchasing power and are looking for establishments that offer this type of transaction. In Brazil, there are currently about 3 million people using, buying, and storing cryptocurrencies, including as an investment asset. These assets can be used for purchases,” he said.

In 2020, the company handled US$75 million (almost R$400 million) in Brazil. The goal for 2021 is to reach a value at least 30% higher, around US$100 million, or almost R$525 million – in the first quarter of 2021, CoinPayments has handled US$40 million, or 40% of its annual goal.

Rubens explains the company’s growth strategy in the Brazil: “The work of attracting consumers and retailers is done differently, but one ultimately reflects the other. When we talk about retailers, we are developing integration work with major e-commerce platforms in Brazil, which will provide thousands of stores with the option of accepting payments in cryptocurrencies. For individuals, we will be working on marketing, coupled with a cultural and educational effort to insert consumers into this universe.”

The company currently serves over 70,000 retailers in more than 200 countries, including e-commerce, marketplaces, fintechs, and other companies, boasts over 1 million users and has surpassed the US$10 billion (R$52 billion) mark in transactions worldwide.

The use of cryptocurrencies as a means of payment has become increasingly common worldwide. Last week, Visa’s global CFO Vasant Prabhu announced that consumers have spent over US$1 billion in cryptocurrencies in 2021 alone with the brand’s cards issued by partner companies such as Coinbase and BlockFi, among others.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

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