BePay is a regulated payment processor that is based in Brazil. The company specializes in the development of innovative payment solutions. Recently, the company announced that it was partnering with the nanopay Corporation to support international remittances.
The Partnership
According to an announcement that was released on December 1, 2020, BePay, which is based in Brazil, is expanding into the international remittances markets via the partnership with nanopay. In its first phase, customers of BePay will be able to send international transactions to 10 countries directly from their mobile app. The pilot scheme is set to launch in Q1 2021. In the next phases, the offering will expand to cover inbound and outbound payments for the over 150 nations supported by the nanopay network. Additionally, BePay’s clients will gain access to international prepaid cards supported by nanopay.
Why BePay And nanopay Are Partnering
Safety and convenience are the core drivers of the partnership. With the collaboration, personal and business customers will soon be allowed to send remittances from their BePay accounts. The company felt that in this time of economic uncertainty, it was important to offer an online alternative to traditional in-bank forms.
The nanopay platform is based on hybrid blockchain technology that combines the best elements of the blockchain with those of conventional databases. Nanopay’s blockchain is centralized, which is ideal for international and domestic transactions. The payments made via their system are fast, traceable, and affordable. The BePay partnership marks nanopay’s further expansion into the Brazilian payment sector. Earlier in 2020, the company closed a deal with a foreign exchange broker based in the country.
Leadership Feedback
According to Paulo Volpe, the BePay CEO:
“the Brazilian market has a huge opportunity in terms of online international payments and global trade. The CEO added, Up until now, the options for cross-border payments were limited. We continue to innovate in response to the environment, and are pleased to partner with nanopay to offer a cost-effective, self-serve payment option for our customers.”
While commenting on the issue, Carlos Garcia, the VP Payment Operations of nanopay Corporation, said:
“There is a big movement to foster competition in Brazil, driven by the Central Bank and supported by the recent launch of PIX, Brazil’s instant payment scheme. We are thrilled to be working with BePay, a leader in innovation, and a company at the forefront of payments. Cross-border payments are only the beginning.”
Why The Partnership Matters
BePay was amongst the first payment processors to receive authorization from the Central Bank of Brazil. Additionally, they were the first to offer a digital wallet to Brazilians that supported token-based contactless payments technology. With the upcoming in-app international payments support, it will help to cement the company’s reputation as a leader in the nation’s payments processing industry.
The decision by a payment processor regulated by Brazil’s central bank to work with a blockchain-powered platform is significant. It shows that blockchain technology is gradually finding its way into the mainstream financial world. The partnership marks an important step in the mainstream adoption of blockchain technology.
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