Binance Pay, a cryptocurrency payment solution launched in 2021, has seen growing interest in emerging markets, according to a regional Binance executive.
In an interview with Cointelegraph, Pakning Luk, regional business development lead for Binance Pay, said that the service has attracted over 30 million users in specific regions, including Africa, Eurasia, and Eastern Europe.
Luk attributed the growth of Binance Pay in emerging markets to a number of factors, including the increasing adoption of crypto in these regions, the growing demand for convenient and affordable payment methods, and Binance’s strong brand recognition.
“We are seeing a lot of interest from merchants and users in emerging markets,” Luk said. “These regions are often underserved by traditional payment providers, and Binance Pay offers a convenient and affordable way to make payments with cryptocurrency.”
Binance Pay is available in over 100 countries and supports over 70 different cryptocurrencies. The service can be used to make payments at a growing number of merchants, including online retailers, gas stations, and restaurants.
Luk said that Binance Pay is committed to expanding its reach in emerging markets. “We believe that cryptocurrency has the potential to revolutionize the way people pay for goods and services,” he said. “We are excited to partner with merchants and users in emerging markets to make this vision a reality.”
In addition to its focus on emerging markets, Binance Pay is also expanding its reach in developed markets. The service is now available in the United States, Canada, and the European Union.
Luk said that Binance Pay is well-positioned to compete with traditional payment providers. “We offer a number of advantages over traditional payment providers, including lower fees, faster processing times, and greater security,” he said. “We believe that these advantages will make Binance Pay the preferred payment method for consumers and merchants alike.”