- Wine, a Brazilian wine club, is now accepting bitcoin as payment for purchases within its mobile app.
- The payment processing integration was achieved through a partnership with Redecoin, a subsidiary of SFC Brazil Group.
- Wine hopes to extend the functionality of bitcoin payments to its desktop and mobile website, as well as future Wine services.
Once customers choose the products they would like to purchase they will be taken to a checkout screen that shows bitcoin as a payment option. Once selected, a QR code will appear allowing customers to use the Bitcoin Lightning Network as an instantaneous payment method.
The integration allowing bitcoin to be used as payment was accomplished by Redecoin, a fintech service provider under parent company SFC Brazil Group.
“Our intention is to popularize the use of cryptocurrencies in the daily lives of Brazilians and this partnership puts us on the right track to achieve this goal,” said Armin Altweger, CEO of the SCF Brazil Group.
The innovation and adoption of bitcoin and other cryptocurrencies SCF Brazil Group seeks was shared by Wine as its Director of Technology, Clayton Freire stated:
“We know that consumers are increasingly connected and cryptocurrencies are already part of the daily lives of most of them. We decided to invest in this innovation to bring an even more complete experience to our partners and customers and also because we believe that, in the near future, this form of payment will be frequent.”
While the integration currently will be supported only in the mobile application, Wine intends to release the feature to its desktop and mobile sites as well as future Wine services.
“We will monitor the adoption of this new payment method and improve our systems. We will work with internal customer service – which helps us collect feedback,” Freire explained.
An interesting report from Chainalysis shows that in the 154 countries penetrated by cryptocurrencies, Brazil ranks 14th. The interesting statistic is that Brazil reportedly ranks 3rd in total traded volume, as reported by Consumidor Moderno. As Brazilian interest in cryptocurrencies grows, Wine holds an optimistic view towards the future of new payment methods.