Binance, a cryptocurrency exchange, will allow users to purchase cryptocurrencies on its platform using Apple Pay and Google Pay.
In its latest Binance Build update, the crypto exchange announced that the platform had integrated the two payment services.
Customers can now purchase cryptocurrencies using either Apple Pay or Google Pay. The update has already been implemented, and preliminary feedback indicates that the new functionality is functional.
A Strategy for Increasing Binance Users:
Given that Apple Pay has 45,4 million users and Google Pay has 25 million, this change could help bring in more customers for Binance. With the most and second-most users, respectively, these payment systems dominate globally. Binance and cryptocurrencies, in general, will gain a wider audience due to the decision to integrate these two payment services.
The crypto exchange Binance, and the industry as a whole, may benefit from this update by attracting new users. But the fact remains that not every country supports either of these payment methods. Binance’s plans to increase availability in these regions are not entirely clear.
Apple Pay Adoption by Other Crypto-Based Companies:
Binance is not the first cryptocurrency company to accept more mainstream payment methods. Apple Pay has been adopted by other cryptocurrency platforms, such as MetaMask. In March 2022, this crypto wallet integrated Apple Pay into its platform, the preferred method of interacting with the Ethereum blockchain. Klever, another cryptocurrency wallet, added Apple Pay functionality in April 2021 to provide users with a more convenient payment option.
Binance Card Usage:
Binance Card is a debit card that Binance introduced. It enables users to use cryptocurrency for various transactions without needing prior conversion. It gives users 8% BNB back on purchases and no internal fees.
The debit card is accepted in many countries worldwide and is expanding with BNB. It is not yet supported in the United States, so it may not be available for Apple Pay. It is, however, available in several European countries. Moreover, the card converts and spends digital currencies, including AVAX, BNB, BUSD, USDT, BTC, SXP, ETH, EUR, ADA, DOT, XRP, SHIB, LAZIO, PORTO, and SANTOS.