Brazil’s Leading Payment Processor Starts Accepting Crypto

Brazil’s largest payment processor, Cielo, has shown its support on cryptocurrencies,  and especially Bitcoin, on its 1.4 million point-of-sale devices throughout the country. 

According to Cointelegraph Brazil, the news was unveiled at the annual Blockmaster cryptocurrency conference. 

Cielo users will have the chance to send cryptocurrencies to devices by using a QR code. However, users will need to open an account with Uzzo or Criptohub, Cielo’s network partners.

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The next step of the company has already be taken, and from October, users will be able to accept crypto payments without the need for a point-of-sale device. 

The CieloPay mobile app, launching on October 14, will allow customers remote payments through applications such as WhatsApp and online stores. 

According to the president of Cielo, Paulo Caffarelli,  the company’s banking partners, Banco do Brasil and Bradesco Bradesco, are backing the new crypto payments offering. 

The reason behind it is the competition itself; the “race” to introduce crypto payment services independent of point-of-sale is a hot topic in Brazil. In early August, Banco, one of the first banks in Brazil to go digital, announced, that is launching a new card payment method. The system will dispense with the need for a point-of-sale device, and would also allow payment with bitcoin and other cryptocurrencies.

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September 1, 2019
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