Binance is the world’s largest cryptocurrency exchange on the basis of client count. With the motive to increase this number and improve the adoption rate, Binance adds two more payment options to the mix.
Also, users can now buy and sell cryptocurrency on Binance with Apple Pay and Google; they will find it easier to interact with the platform.
- Starting 30th December, Binance users can use two additional payment options, Apple Pay and Google Pay.
- The purpose is to help Binance users hold and trade cryptocurrencies easily and increase the adoption rate.
- At present, users from the UK and European Economic Area (EEA) can only avail of this service.
Binance To Use Most Popular Payment Options
No doubt that Google Pay and Apple Pay are two of the most popular payment options people use on a daily basis. Moreover, from paying for their daily expenses to conducting bank transactions, these payment options are readily available.
According to Binance, users can now use these payment methods to buy crypto coins and tokens listed on the platform. The caveat here is that Binance does not manage these payment options.
The management and interlinking to Binance is taken care of by third-party partners. However, the Ramp will collaborate with these partners from time to time. Furthermore, to buy coins and tokens with these payment options, the users will have to complete Binance’s verification procedure.
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In an earlier announcement, Google Pay said that its customers can pay for cloud services using cryptocurrency. In addition to this, Google is building this payment connection with the help of Coinbase Prime. Coinbase Prime is a cryptocurrency trading and storage platform.
Moreover, MasterCard also unveiled a scheme in October 2022. The motive of this scheme is to enable financial institutions to facilitate cryptocurrency trading for their customers. According to Jorn Lambert, MasterCard’s Chief Digital Officer, a large customer base wants to use such a service. However, these customers will be more confident if their financial institutions are offering these services.
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