Recently major markets have started to adopt Binance pay for introducing cryptocurrency–based payments for goods and services. According to Regional Binance Executive, precisely, African, Asian, and Eastern European countries are seeing cryptocurrencies as the payment source.
A strategic partnership of Binance Pay with WooCommerce is expected to expand its reach through 40% of global E-commerce plugin websites. This integration would facilitate cryptocurrency users to make payments in the form of 70 different tokens. As a result, this partnership will allow Binance Pay to facilitate cryptocurrency–powered payments for a massive amount of businesses and customers.
Alongside, the users will be able to pay for car-hailing services like Bolt, Grab, and Uber with crypto by integrating with an aggregator. Further, it allows users to book a ride with Binance Pay without directing them to third – party car–hailing app.
Reportedly, Binance Pay is more focused on building partnerships and working parallel to industry participants rather than envisioning itself as a competitor to Paypal. It further added that they would want to welcome Paypal as their channel partner that can aggregate different methods including crypto payment methods for allowing merchants and end users to make payments.
Binance ‘s product team is largely focused on compliance and is licensing in different jurisdictions to ensure that it meets all the necessary standards. The regulatory focus on the cryptocurrency industry has come to the limelight in the wake of the collapse of FTX and other lending companies in the ecosystem.
However, Paypal had already rolled out its cryptocurrency service allowing users to buy Bitcoin, and other cryptocurrencies with fiat currencies.
