Binance Pay Experiences High Adoption in Africa, Eurasia, and Eastern Europe

In a recent update, the Binance regional executive Pakning Luk announced that the Binance Pay platform had attracted massive users from thriving economies following the release of crypto payment. The executive confirmed that the adoption of Binance Pay in Asia, Europe, and Africa greatly increased since users can purchase goods and services through crypto effortlessly.

In an interview with the Binance payment arm, the team shared a well-detailed report capturing the number of users since 2021. The report demonstrated that Binance Pay had attracted over 30 million customers from Africa, Europe, and Asia.

Factors Contributing to High Adoption of Binance Pay

Per the report, Binance Pay has provided crucial payment services to online traders and numerous retailers. In a statement, Luk revealed plans to enter into a partnership agreement with the prominent e-commerce platform WooCommerce.

The expected partnership aims at enabling Binance Pay to increase its market presence. As of this writing, approximately 40% of universal websites rely on e-commerce services. This joint effort aims to list over 70 crypto assets used, which will be used in payments.

Additionally, the strategic partnership aims at providing the WooCommerce user with a platform to make crypto payments. Onboarding the WooCommerce customers will enable Binance to provide payment services to individuals in business and other consumers.

After examining the customers’ spending habits, Luk noted that Africa, Eurasian, and Southern Asia had adopted online shopping and digital payment. He observed that most customers residing in the Commonwealth states had welcomed car-hailing services.

Review of Global Adoption of Binance Pay

Luk was pleased to state that most users from the abovementioned countries use crypto to pay Uber, Grab, and Bolt charges. He explained that the transport service providers have invested in deploying an aggregator that allows crypto payment.

An aggregator is an innovative infrastructure that allows users to make payments in crypto more seamlessly.

Luk revealed that the Binance team was tasked with creating a user interface that allows the public to book a ride through the Binance pay platform. The developers integrated revolutionary tools to prevent the user from being redirected to other multiple car-hailing applications.

Initially, Binance Pay had broadened its geographical presence to Ukraine through strategic partnerships with retailer outlets Varus and WOG. The Binance Pay Ukraine was reported to yield the desired results before the invasion of Russian troops.

Elsewhere, the community questioned Luk to explain whether Binance Pay will create fierce competition with other best-performing payment methods such as PayPal. Responding to the community inquiries, Luk stated that the Binance team aims to work closely with key players in the industry.

He mentioned that the crypto-powered payment services focused more on strengthening the existing partnership and new collaborations. Luk stated that the Binance team aspires to collaborate with fast-growing firms such as Paypal to create various payment methods.

He elaborated that by partnering with global business partners such as PayPal, the customers will be provided with multiple payment options that meet their needs.

In the meantime, the Binance team will prioritize meeting the regulatory requirement to operate compliantly. On the other hand, the PayPal team launched a crypto payment option that enables users to trade their Bitcoin (BTC) with fiat currencies.

In a recent community engagement, the users advised PayPal to integrate ramping activities to cope with the unhealthy competition posed by Mastercard and its rival Visa.

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