The Brazilian retail experience is set for a shake up as transactions through crypto are now permitted

A new wave of accessible shopping with digital assets could be hitting South America’s shopping malls soon! Cielo, the largest payment processing provider in Brazil, has unveiled support for Bitcoin and cryptocurrency purchases on its point-of-sale (PoS) devices.

Cielo Headquarters, Barueri, São Paulo, Brazil
Source: Brazil Journal 

In the new way to shop, Point of Sale devices generate QR codes for payment, and the customer can then use a smartphone in order to scan a code and make a payment. The customer also reportedly needs to hold either an account with Uzzo or Criptohub — Cielo’s network partners — in order to complete payment.

Cielo operates 1.4 million PoS devices, distributed across 5,500 municipalities in the country.
Source: cielo.com.br 

 

Cielo president Paulo Caffarelli remarked that its partner banks, including Bradesco – one of the biggest banking and financial services companies in Brazil, are backing the new crypto payments offering. Additionally, Cielo may begin supporting crypto payments that don’t require a PoS machine in October, per the report. Instead of a PoS device, this mode of payment would use a Cielo mobile app to generate the QR code instead. Source: CoinTelegraph

Read the full press release here.

Contact Joseph Lee for more information on digital assets.