Binance Pay is gaining traction in African, Asian and Eastern European countries, enabling cryptocurrency-based payments for everyday goods and services . According to Pakning Luk , who is Binance’s regional business development lead, the payments service has incorporated with local e-commerce platforms and real-world retailers, attracting over 120 million users in specific regions.
Expanding Reach Through Strategic Partnerships
Binance Pay’s partnership with WooCommerce, a widely adopted e-commerce plugin, is expected to further extend its reach .With nearly 40% of global websites using WooCommerce, cryptocurrency users can make payments with 70 different tokens to purchase goods and services .This collaboration enables merchants served by WooCommerce to adopt Binance Pay as a cryptocurrency-based payment method, catering to a diverse range of businesses and customers .
Use Cases and Integration with Aggregators
Luk emphasized the importance of international remittances and online shopping as main use cases for Binance Pay users in regions such as Africa, South Asia and countries within the Commonwealth of Independent States .Users can also utilize Binance Pay for transportation services, including Uber, Bolt and Grab, through integration with an aggregator .This integration simplifies the booking process by allowing users to make payments directly through Binance Pay without needing additional transportation apps .
Collaboration Over Competition
When he was inquired about potential competition with companies like of PayPal, Luk stressed Binance Pay’s focus on building partnerships and working alongside already existing industry players .Rather than competing directly, Binance Pay aims to collaborate with global players like PayPal, supporting their expertise in amounting various payment methods, including cryptocurrency-based options.
Compliance and Licensing
Binance’s product team puts a strong emphasis on compliance, acquiring licenses in different jurisdictions to ensure devotion to specific standards and regulations .This approach makes sure that Binance Pay operates within the legal frameworks of each country where it is available to users.
Potential as a Cryptocurrency-Fiat On-Ramp
Luk also mentioned the potential for Binance Pay to become an on-ramp for cryptocurrency-fiat activites, similar to payment infrastructure providers like Visa or Mastercard .By collaborating with global players such as PayPal, Binance Pay intends to enable merchants and end-users to make their payments with digital assets, expanding the utility of cryptocurrencies in the payment ecosystem.
Since the cryptocurrency industry faces increased regulatory inspection, Binance Pay’s commitment to compliance and licensing reflects its dedication to operating within the established legal frameworks .
