Mercado Libre Brasil and BitPay seal an association to allow wallet users to purchase goods on the website using crypto.
In recent days the headlines of the crypto media have been taken over by the collapse of Bitcoin, passing some news of unnoticed relevance, as is the case of the Mercado Libre Brasil and BitPay association.
One of the most common criticisms, made by the enemies of cryptocurrencies to Bitcoin, is the difficulty that its users have to use it. And, the lack of a wide range of options in which to use BTC, such as the purchase of goods and services, or financial investment, hinder the massive adoption of cryptocurrency.
The acquisition of goods and services is recognized globally as the main use that any currency should have. Therefore, it is important that more and more sites accept crypto, with the aim of increasing the recognition of digital currencies.
BitPay in constant innovation
This would make BitPay a fundamental element in the development of Bitcoin. This application allows merchants from all over the world to accept Bitcoins as payment in exchange for goods and services quickly, simply and safely through its platform.
Thus, when a customer wants to pay for a product using BTC, he only has to use his BitPay debit card loaded with Bitcoins, and introduce it to the point of sale specially designed for this purpose. By doing this, BitPay will deduct from your account the BTC equivalent of the total fiat cost of the product, based on the current market price.
Immediately, a deposit will be made in the seller’s bank account this same amount of money, as if the transaction had been carried out using a traditional currency. Therefore, BitPay would become the largest intermediary between merchants and crypto users for the purchase and sale of goods, not only offering support for Bitcoin, but also for Bitcoin Cash and soon Ethereum.
Agreement between Mercado Libre Brasil and BitPay
For this reason, it is so important that this company has signed an agreement with Mercado Libre Brasil, the Brazilian subsidiary of the main ecommerce page in Latin America, to allow the use of its platform to make payments within the website.
The method with which this strategic partnership will be carried out is similar to that followed by the company in its relationship with Amazon. Thus, BitPay users will be able to acquire Mercado Libre Brasil Gift Cards through their cryptocurrency wallet, carrying out a conversion based on the value of the BTC in the market, to determine the amount of the Gift.
In addition, the balance can also be transferred directly to the Mercado Libre Brasil account from the BitPay wallet, so that not only goods can be acquired within the website with BTC, BCH and in the future ETH, but also other activities such as paying for an Uber.
“Bitcoin has been growing in popularity in Brazil, and the awareness of payments on the Blockchain skyrocketed last year, as more and more people discover the value of Bitcoin. The sales volume has increased by 260% in the last three months compared to last year, with the increase in the price of Bitcoin, “commented BitPay Regional Manager Alberto Vega as justification for the celebration of the alliance.
Therefore, the creation of this payment system using an ecommerce as important as Mercado Libre Brasil, would be another step in the process of normalizing the use of cryptocurrencies in the day-to-day activities of its users.