Brazilian Uber firm 99Pay has stated that it will allow bitcoin on its platform. From Nov. 3, 99Pay will enable users to conduct commission-free transactions on their platform. The platform will allow the most negligible purchase value of 10 Brazilian reais and a maximum amount of 10,000 reais. An equal to $1,800
The new DiDi app will also provide bitcoin cashback promotions, according to 99Pay. When you use the platform for rides and food orders, it pays out a percentage back.
Cryptocurrencies aren’t a fad in Brazil. They’re becoming more popular, and the interest of its citizens is rising. So far this year, investors have made purchases worth $4.27 billion through cryptos. So, the effort by 99Pay to embrace bitcoin is strategic. Elsewhere, Brazil’s congress will discuss a bill to regulate crypto firms.
Brazil’s 99 is an innovative ride-hailing, food delivery, and fiscal services firm founded in 2012. DiDi (the Chinese version of Uber) acquired it for $1 billion years back. The platform has 20 million active users, according to the company’s database.
DiDi Launches 99Pay last week
In 2020, 99 launched its digital wallet within its app. And last week, they introduced a stand-alone version, 99Pay.
99 is not accepting bitcoin as payment for trips. The company says that they first have to switch over the crypto into fiat currency. So customers will need either dollars or euros before paying with them on the site.
“The decision to add the bitcoin trading feature came from research.” Orsolini Filho noted, adding that there is strong consumer interest.
Digital transactions and payments in Brazil are on the rise. And digital bank users are playing a significant role. According to recent data, 54% of the Brazilian population has an interest in crypto. However, they have not yet invested in it. Otherwise, 81% of Brazilians have heard or know about cryptos already.
In 2020, DiDi composed a team to plan, design, and test China’s central bank digital currency on 99.