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1.4 Million Brazilian POS Devices to Support Crypto Payments

By Mark Lemon – Cryptocurrency Specialist

Cielo, Brazil’s largest payment processing provider, has revealed its support for buying Bitcoin for crypto purchases on its POS devices.

On August 30, it was reported by Cointelegraph Brazil that users are able to make crypto payments through Cielo PoS devices through QR codes. POS machines generate the QR code for payment in which the customer scans the code using their smartphone to make the payment.

For this to work, the user will need to buy cryptocurrency before and have an account with either Criptohub or Uzzo, which are the network partners of Cielo.

Paulo Caffarelli, president of Cielo, assured everyone that Bradesco and its other partner banks are backing up this new cryptocurrency payment offering. According to the report, Cielo might also start supporting crypto payments that don’t need a POS machine in October. Rather than a POS device, this mode of payment would instead, make use of a Cielo app to generate the QR code.

Those users that buy Bitcoin will be able to utilise this feature to make payment without the need to set up additional accounts.

Cielo operates 1.4 million POS devices, according to company data, which is distributed across 5,500 municipalities in the country.

Cointelegraph Brasil previously reported that Banco Inter, a Brazilian commercial bank, announced that it would soon launch a crypto payment system that won’t be relying on POS devices. The service will be available through a mobile app and users won’t even need to hold a Banco Inter account. It seems many businesses are looking to apply innovative applications for those that buy and sell cryptocurrency.

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