Most of the markets are now leveraging Binance Pay to make cryptocurrency-based payments for their day-to-day transactions. Most countries in Africa, Asia, and Eastern European are now using this service to bridge cryptocurrencies as a payment source for goods and services.
The payment arm of the crypto exchange shared this news along with the updated news in a recent interview with Pakning Luk, who is the regional development lead.
The service was introduced back in 2021, and the payments service has been able to attract more than 30 million users from different regions globally as it brings on various online merchant platforms and retailers to its payment system.
Binance Pay to Enter a Strategic Partnership with WooCommcerce
In addition to that, Binance Pay is also planning on entering into a strategic partnership with WooCommerce. If this happens, then the crypto exchange would be able to expand its reach significantly since WooCommerce is used by almost 40% of global eCommerce websites.
The integration will also help the cryptocurrency user to make payments using more than 70 coins. The partnership is linked with the merchants’ footprints that WooCommerce serves.
As a result, it is making Binance Pay a rail to cryptocurrency-powered payments for a wide range of businesses and customers.
Furthermore, the crypto company also highlighted various use cases such as online shopping and remittance for its user base in different parts of Africa, Eastern Europe, and other countries in the Commonwealth.
Additionally, the company would allow them to pay for their various car-hailing services, such as Uber, Grab, and Bolt through crypto by integrating with an aggregator.
Chances of making it a Crypto-to-Fiat on-Ramp for a Service
Binance Pay has been in Ukraine even before the conflict started with Russia by partnering with two local merchants, WOG, which is a local supermarket chain, and Varus, which is a local supermarket chain.
When asked about whether Binance Pay wants to consider itself as a competitor in light of PayPal, the company responded that it plans to build strong partnerships and wants to work with everyone in the industry.
It also can become a crypto-to-fiat on-ramp that is similar to the services like PayPal. The service plans on positioning itself as a payment infrastructure as it wants to put itself in the same as Visa or Mastercard.
Binance said in an announcement that it would welcome players like PayPal to be its channel partners who can then incorporate various payment options, including crypto payment options, to facilitate users and retailers for making payments with them.
Luk added that the product team of the crypto exchange is working on compliance, and Binance has been taking relevant licenses throughout various jurisdictions so that it can meet the standards.
Furthermore, PayPal already launched its cryptocurrency services that allow users to purchase various cryptocurrencies, including Bitcoin, through fiat currencies.
Growing Regulatory Pressure on Crypto Exchanges
There has been a growing focus on regulating the cryptocurrency industry in the aftermath of the FTX collapse and some companies in the crypto space.
The U.S. Securities and Exchange Commission (SEC) has been ramping up its efforts and clamping down on various crypto exchanges. As a result, many top players in the industry have come together in a bid to lobby against the SEC.
Some are also considering moving their operations to different regions where there is a lot of clarity and transparency regarding crypto laws.
Experts believe that this move might deprive the U.S. of taking advantage of the crypto innovation. The major hurdle for now that many digital asset markets face is the debt ceiling.