Apple Pay and Google Pay have been a blessing in disguise, or not, to crypto investors. By using these widely accepted payment options, Binance, which is the largest cryptocurrency exchange platform in the world, will increase the ease of buying and selling digital assets for its users.
About Apple Pay
Apple Pay is a mobile payment and digital wallet service provided by Apple Inc. that allows users to make payments by using their Apple devices. Apple Pay uses near field communication (NFC) technology to enable contactless payments at participating merchants, as well as in-app and online payments.
About Google Pay
Google Pay is a digital wallet and online payment system developed by Google that allows users to make payments and transfer money by using their gadgets.
Binance welcomes Apple Pay and Google Pay
Reports from Business.com show that Apple Pay has 43.9 million users and Google Pay has 25 million clients, making them the top two most popular digital wallets known to mankind. Binance shared that ‘the arrival of these mobile wallets in the cryptocurrency space represents a development in the accessibility of digital assets.’.
Unfortunately, not all of Binance’s customer base will be able to enjoy this update. This is because Google Pay and Apple Pay are not available in all countries. This new feature will only be available to citizens of the United Kingdom (UK) and the European Economic Area (EEA).
In the released statement, it was made clear that Binance users will be able to use Apple Pay and Google Pay to purchase digital assets listed on the platform. However, these transactions will not be directly processed by Binance. The crypto exchange platform has opted to collaborate with several third-party companies that will be responsible for such.
To access these new payment features on Binance, users must verify their accounts on the platform. This update comes as a part of Binance’s streak of unveiling new products and services for its customers. Some time ago, the exchange platform revealed Binance Pay and Binance Card.
There have also been talks of some notable partnerships that will shake things up in the crypto world. Tech giant, Google, disclosed last month that a number of its customers would be able to make payment for cloud services using crypto. The service, which is set to be launched in this year, is a product of Google’s collaboration with crypto exchange platform, Coinbase Prime.
MasterCard has also decided to hop on the moving train. In October 2022, the company revealed its idea to allow financial institutions to offer crypto trading to their clients. According to MasterCard’s chief digital officer, there is a target audience that is eager to become involved in crypto trading and this plan, backed up by financial service providers, will boost their confidence to participate in the crypto space.