Binance Pay is gaining popularity in Asia, Eastern Europe and Africa
Binance Pay is increasingly being used to pay for goods and services In Asia, Eastern Europe and Africa. This was reported by Pakning Luk, the regional development manager.
Binance Pay was launched in 2021. Now it is used by more than 120 million customers in various regions. It is available both on the largest online trading platforms and in real-world retailers.
It is expected that the partnership with WooCommerce will expand the reach of Binance Pay, since about 40% of sites around the world use this e-commerce plugin. The integration with this service will allow Binance Pay users to make payments with 70 different tokens.
Luk also noted that online purchases and remittance are the main services for users from South Asia, Africa and CIS countries. According to her, in the future Binance Pay will be able to compete with PayPal , but now it is more focused on building partnerships and working together with other industry participants. Luk said that it is important to allow merchants and users to choose the payment method to make payments with.
She said that Binance’s product team pays close attention to compliance and strives to obtain licences to work in different jurisdictions to ensure the company meets standards.
Regulatory focus on the crypto industry intensified after the collapse of FTX and some lending companies that worked in this field. The US Commodity Futures Trading Commission has filed several charges against Binance, including trading unregistered derivatives and the violation of duties on customer verification procedure.