Binance Pay Attracts Interest in African and Eastern European Regions
Binance Pay has attracted significant interest in African, Asian, and Eastern European countries as a payment source for goods and services. According to regional business development lead Pakning Luk, Binance’s payment arm has attracted over 30 million users in specific regions as it onboards major online merchant platforms and real-world retailers to its payment rail.
A strategic partnership with WooCommerce is also expected to expand the reach of Binance Pay, with an estimated 40% of global websites using the e-commerce plugin. The integration allows cryptocurrency users to make payments with 70 different tokens.
Users are also able to pay for car-hailing services like Uber, Bolt, and Grab with crypto through an integration with an aggregator. Binance Pay has had a footprint in Ukraine since before the outbreak of the ongoing conflict with Russia through two merchant partnerships with local supermarket chain Varus and gas station chain WOG.
As Binance Pay continues to focus on building partnerships and working alongside industry participants, new possibilities emerge for cryptocurrency-powered payments. It remains to be seen how this development will shape the future of crypto payments in these regions.