May 29, 2023

Binance Pay Gain More Interest in Africa, Asia, Eurasia

Binance Pay

Binance Pay

Binance Pay, the payment arm of Binance, is witnessing growing interest from African, Asian, and Eastern European countries, which began to use cryptocurrencies as a method of payment, Cointelegraph reported.

Cointelegraph interviewed the regional business development lead Pakning Luk about Binance Pay’s current operations and customers. It succeeded in attracting 30 million users in different regions in light of the increasing online merchant platforms and real-world retailers to its payment rail.

Luk revealed that Binance Pay would build a strategic partnership with WooCommerce, which could expand the presence of the payment arm to border businesses and customers. It is estimated that Binance Pay would be available on 40% of global websites using the e-commerce plugin. Through this partnership, crypto users can make payments using 70 various tokens.

According to Luk, online shopping and remittance are key use cases for Binance Pay’s users in regions such as Africa, South Asia, and Eurasian countries and in the Commonwealth of Independent States. He also pointed out that users can pay for their Grab, Uber, and Bolt through cryptocurrencies through an integration with an aggregator.

“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,” he pointed out.

He denied that Binance Pay had positioned itself as a competitor to the likes of PayPal, noting the service is concentrating more on building partnerships and working alongside industry participants. However, he said that launching a crypto-to-fiat on-ramp service is worth exploring.

He further added that the crypto platform’s product team is keen on focusing on compliance and being licensed in line with different standards.

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