May 23, 2024
Latest Cryptocurrency News

Binance Pay Gains Traction as Major Markets Embrace Cryptocurrency Payments 

According to a Binance executive, African, Asian, and Eastern European countries are embracing Binance Pay to enable cryptocurrency-based payments for everyday goods and services. Pakning Luk, Binance’s regional business development lead, shared updated data with Cointelegraph, highlighting the growing popularity of the payment service. Since its launch in 2021, Binance Pay has attracted over 30 million users in specific regions and has partnered with major online merchant platforms and real-world retailers to facilitate crypto payments. 

Binance Pay’s reach is set to expand further through a strategic partnership with WooCommerce, a popular e-commerce plugin used by approximately 40% of global websites. This integration allows cryptocurrency users to make payments using 70 different tokens. By tapping into WooCommerce’s extensive merchant network, Binance Pay becomes a conduit for cryptocurrency-powered payments for a wide range of businesses and customers. Luk emphasized the utility of Binance Pay for remittance and online shopping, particularly in regions like Africa, South Asia, and the Commonwealth of Independent States in Eurasia. 

Additionally, Binance Pay users can now utilize the service to pay for car-hailing services such as Uber, Bolt, and Grab through an integration with an aggregator. Luk explained that Binance Pay’s infrastructure empowers this service, enabling users to book rides without redirecting them to any other car-hailing app. 

Binance Pay has been operating in Ukraine for some time, having established partnerships with local supermarket chain Varus and gas station chain WOG, even prior to the ongoing conflict with Russia. 

When asked about Binance Pay’s future as a competitor to PayPal, Luk emphasized the service’s focus on building partnerships and collaborating with industry participants. However, he did express openness to exploring the possibility of Binance Pay serving as a crypto-to-fiat on-ramp for platforms like PayPal. Binance Pay sees itself evolving into a payment infrastructure similar to Visa or Mastercard and welcomes global players like PayPal to become channel partners, offering diverse payment methods, including cryptocurrencies, to merchants and end-users. 

Luk highlighted Binance’s commitment to compliance, noting that the company has obtained licenses in different jurisdictions to ensure adherence to regulatory standards. This comes in the wake of increased regulatory scrutiny on the cryptocurrency industry following the collapse of FTX and several lending companies operating within the space. 

PayPal has already introduced its cryptocurrency service, allowing users to purchase Bitcoin and other cryptocurrencies using fiat currencies. The regulatory focus on the cryptocurrency industry has intensified as a result of recent events, prompting a closer examination of compliance and oversight. 

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