Cielo, one of the largest payment processing providers in Brazil is now offering Bitcoin (BTC) and cryptocurrency support. This would allow individuals to make purchases using their cryptocurrencies through the company’s point-of-sale (PoS) devices. The information was released by Cointelegraph Brazil on August 30.
Brazil Helps Increase Crypto Adoption
Through these Cielo PoS devices, crypto users will have the possibility to make payments using cryptocurrencies. In order for it to work, the machines create a QR code for payment and individuals only need to scan it with a smartphone to make the payment. However, users will need to have an account with Uzzo or CriptoHub so as to complete the payment.
There are different banks that are Cielo’s partner and that are helping the new crypto payment network to expand. One of these banks is Bradesco, which has also been working with Ripple in the past. At the same time, Banco do Brasil is also supporting the new services provided by Cielo.
In the future, Cielo may release a new product and service that would not require merchants to have a PoS machine and they would be able to receive payments using a Cielo mobile app to generate a QR code.
Through this system, crypto users that were never able to use their digital currencies will be able to spend them in many shops around the country. The QR code generated by these new systems is expected to work for remote payments as well, using other applications such as WhatsApp or others.
Paulo Caffarelli, president of Cielo, commented:
“Cielo is a technology company that has to use its experience in an overview of the payment chain. We are improving the lives of the retailer and the consumer. We are being supported by partner banks (Banco do Brasil and Bradesco) since they know there is a hard competition in the space.”
At the moment, Cielo is present in over 1.4 million shops in 5,500 municipalities in all the regions of the country. According to the company, they are currently covering 99% of the Brazilian territory.
Although cryptocurrencies have been expanding in the market and around the world, they are lagging behind in terms of mass adoption. Despite the fact that the industry has been growing and creating solutions for retail users, we are still far from crypto mass adoption around the world. These new services offered by Cielo would clearly help individuals to use their digital currencies in a fast and easy way in 1.4 million shops in Brazil.
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