One of the largest payment providers in Brazil, Cielo has added support for bitcoins (BTC) and cryptocurrencies. This will allow individuals to make purchases in digital currencies through the company’s PoS terminals.
When paying on a PoS device, a QR code appears, which must be scanned using a smartphone. In addition, to make a payment, users will need to create an account in Uzzo or CriptoHub.
Cielo has partnered with several banks to help expand the new cryptocurrency network. One such bank was Bradesco, which had worked with Ripple in the past. Banco do Brasil Bank also supports the service provided by Cielo.
In the future, Cielo may release a new product and service that does not require sellers to have a PoS machine. It will be possible to make payments using the Cielo mobile application to create a QR code.
Thanks to this system, cryptocurrency users who have never been able to use their digital currencies will be able to spend them in many stores across the country. It is expected that the QR code will work for remote payments using applications such as WhatsApp and others.
“Cielo is a technology company that, using its experience, improves the lives of retailers and consumers. We are supported by partner banks (Banco do Brasil and Bradesco) because they understand that fierce competition already exists in this space, ”commented Paulo Caffarelli, President of Cielo.
Currently, Cielo is present in more than 1.4 million stores in 5500 municipalities in all regions of the country. According to the company, 99% of Brazil is currently covered.
Despite the fact that cryptocurrencies are entering new markets around the world, they are lagging behind in terms of mass adoption. Obviously, for the development of the industry it is necessary to create new solutions for retail users. The services offered by Cielo will undoubtedly contribute to the improvement of this market.