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.
Quick Take:
- 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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As an expert in cryptocurrency and blockchain technology, I bring a wealth of knowledge and experience in the rapidly evolving landscape of digital assets and their platforms. My understanding extends from the technical intricacies of blockchain protocols to the practical implications of cryptocurrency adoption and market trends.
Now, let's delve into the concepts mentioned in the article about Binance's integration of Apple Pay and Google Pay as additional payment options:
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Binance:
- Binance is the world's largest cryptocurrency exchange by client count.
- The platform facilitates the buying, selling, and trading of various cryptocurrencies.
- Binance has a global user base and continually seeks ways to enhance user experience and increase adoption.
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Payment Options - Apple Pay and Google Pay:
- Apple Pay and Google Pay are widely used digital payment platforms.
- Users can now use these payment methods on Binance to buy and sell cryptocurrencies.
- The addition of these payment options aims to make it easier for users to interact with the Binance platform.
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Implementation and Geographic Availability:
- The new payment options will be available starting December 30th.
- Currently, users from the UK and the European Economic Area (EEA) can avail themselves of this service.
- The motive is to help Binance users hold and trade cryptocurrencies easily and increase the adoption rate.
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Third-Party Management:
- Binance does not directly manage Apple Pay and Google Pay.
- Third-party partners handle the management and interlinking of these payment options with the Binance platform.
- The article mentions that Ramp collaborates with these partners from time to time.
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Verification Procedure:
- Users interested in buying coins and tokens with Apple Pay and Google Pay on Binance need to complete Binance's verification procedure.
- Verification procedures are common in cryptocurrency exchanges to comply with regulatory requirements and enhance security.
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Related Developments:
- Google Pay announced that its customers can pay for cloud services using cryptocurrency, facilitated through Coinbase Prime.
- MasterCard unveiled a scheme to enable financial institutions to facilitate cryptocurrency trading for their customers, indicating a growing trend of traditional financial institutions entering the crypto space.
In conclusion, the integration of popular payment options like Apple Pay and Google Pay into Binance reflects the ongoing efforts in the cryptocurrency industry to enhance accessibility and broaden adoption. It also highlights the increasing collaboration between traditional financial entities and the cryptocurrency ecosystem.
