Binance Pay Sees High Adoption in Asia, Africa, and Europe
- Binance Pay is mostly used for remittances and online shopping.
- Binance Pay plans to collaborate with existing payment services and expand its options.
- Binance users can pay for car-hailing services like Bolt using Binance Pay.
Crypto-uitwisseling Binance has established a presence in Africa, Eastern Europe, and Asia through its payment service, Binance Pay. Pakning Luk, a regional business development leader at Binance, revealed that Binance Pay is making considerable progress in integrating cryptocurrencies with physical goods and services as it widens its influence in different regions.
Binance Pay, introduced in 2021, has more than 30 million customers across different regions. The payment service has continued to onboard online merchant platforms and physical businesses to its payment network.
Binance Pay is also expected to announce an alliance with WooCommerce, which would expand the use and presence of the Binance-backed payment service. About 40% of global websites reportedly use WooCommerce. This means that integration with Binance Pay will enable crypto users to pay for services using 70 different tokens.
Binance Pay is used for remittances and online shopping
According to Luk, the growing use of Binance Pay in Africa, Europe, and Asia is tied to remittances and online shopping. Binance Pay has acquired an integration with an aggregator as part of its effort to provide a variety of options. So, crypto-savvy users can use their cryptocurrency for car-hailing services like Uber, Bolt, and Grab. Customers no longer need to switch to other apps to book a ride. They can make these payments using Binance Pay.
Explaining how it works, Luk said,
They are the infrastructure empowering us to facilitate this service. We built the front end that allows our users to book a ride with Binance Pay without directing them to any other car-hailing app.
Binance Pay also has a presence in Ukraine thanks to two merchant collaborations with local gas station chain WOG and supermarket chain Varus that date back to before the start of the ongoing war with Russia.
Binance Pay to collaborate rather than compete
The payment market is seeing increased competition. However, payment platforms like PayPal currently dominate the industry. Speaking about the future of Binance Pay, Luk noted that Binance Pay plans to embrace a more collaborative approach than a competitive one. This means that Binance Pay plans to collaborate with other industry participants and expand its options.
Luk further suggested that Binance Pay could possibly serve as a crypto-to-fiat gateway for platforms like PayPal as it continues to position itself similarly to regular payment platforms like Mastercard and Visa. Luk said,
We would welcome global players like PayPal to be our channel partners, who can then aggregate different payment methods, including crypto payment methods, to allow merchants and end users to choose which methods to make payments with.
The growth of Binance Pay is evidence of how cryptocurrencies are influencing everyday financial transactions. The success of services like Binance Pay highlights the potential of the budding crypto market. The industry has continued to thrive despite regulatory uncertainties.