Atlanta, Ga., Sept. 25, 2019 (GLOBE NEWSWIRE) -- BitPay, the largest global blockchain payments provider, first integrated Bitcoin acceptance into Mercado Livre, one of the largest online commerce ecosystems in Latin America, in 2018 for the Brazilian market. The Bitcoin to gift card solution offers an interesting option for the remittances problems that are part of an outdated systems used by banks and traditional fintechs. Cryptocurrency solves real pain points in Latin America and Mercado Livre and BitPay are working together to bring additional digital currency options to Latin America.
BitPay continues to support top ups of the Mercado Pago wallets through Vale Presente gift cards. For almost two years, customers have been able to purchase goods and services with Bitcoin on Brazil's largest e-commerce marketplace. Customers are also able to redeem Mercado Livre gift cards in a Mercado Pago account through BitPay’s in-app integration.
“Bitcoin has been growing in popularity in Brazil, and awareness of blockchain payments has skyrocketed in the last year as more and more people discover the value of Bitcoin. Sales volumes have risen 260% over the last 3 months compared with last year as the price of Bitcoin has gone up as well,” said Alberto Vega, Regional Manager for LAC at BitPay.
The option to use Mercado Livre and MercadoPago with a BitPay wallet offers a powerful option for Brazilian Bitcoin customers who want to use Bitcoin for daily purchases like utilities and metro rides as well as Uber credits and Google Play store purchases when they travel. Additionally, expats can easily send a gift card to their families to buy almost anything in Brazil. Mercardo Livre is at the forefront of innovation as the first large corporation to accept Bitcoin and recently joined the Facebook Libra Association.
As the largest country in Latin America, Brazil is home to over 210 million people and is an advanced emerging economy. As such, Brazilians recognize the potential for cryptocurrency.
MercadoPago is the leading online payment solution in Latin America. It was launched in 2004 and has operations in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela. MercadoPago is designed to facilitate transactions both on and off the MercadoLivre's marketplace by providing a mechanism that allows its users to securely, easily and promptly send, receive and finance payments online. There are more than 100 million registered users, and about $ 2.5 billion transactions went through MercadoPago in 2013.
The in-app integration with Portuguese language is supported in BitPay and Copay wallet version 3.11.1 or higher. Current BitPay and Copay wallets come with the Mercado Livre integration installed by default.
About BitPay
Founded in 2011, BitPay is the pioneer and the most experienced company in Bitcoin and blockchain payments. Its suite of products enables businesses to send and receive cross border payments, also enabling consumers to manage digital assets with the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa® Card. The company has offices in North America, Europe, and South America and has raised over $70 million from leading investors including Founders Fund, Index Ventures and Aquiline Technology Growth. For more information visit https://bitpay.com
The BitPay Visa® Prepaid Card is issued by Metropolitan Commercial Bank, member FDIC, pursuant to a license from Visa, U.S.A. Inc. “Metropolitan” and “Metropolitan Commercial Bank” are registered trademarks of Metropolitan Commercial Bank © 2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule, if any.