Speaking about how payment has evolved, Richard Teng, the current CEO of Binance noted that Binance Pay has played and will play a significant role in crypto payments.
He said that the past year has seen Binance Pay’s strategic focus on user-friendly innovation, seamlessly incorporating crypto payments into daily transactions through initiatives like DeFi wallet integrations and diverse industry partnerships.
Binance Pay is an innovative cryptocurrency payment technology developed by Binance. It offers a contactless, borderless, and secure way to shop with crypto, send crypto globally, and make payments using Binance Pay ID or QR codes.
With support for over 70 cryptocurrencies including Bitcoin, BNB, and other tokens available on Binance, users can enjoy the flexibility of using their preferred digital assets.
Binance Pay is conveniently accessible through the Binance.US mobile app, enabling seamless transfers between Binance.US users at no additional cost.
Designed with user-friendliness in mind, Binance Pay allows users to enhance security by setting up a PIN and easily manage payment requests.
Moreover, the app provides access to the Binance Marketplace, expanding the possibilities for making payments via Binance Pay.
Reflecting on how last year went, he said that despite the market uncertainties of 2023, the crypto community showcased resilience. Amid exploring innovative ways to integrate crypto into daily life, the growth of Binance Pay stands out.
Launched in February 2021, Binance Pay has evolved from a simple online pay button to encompass various crypto payment methods marking a significant growth with total transactions surpassing $120 billion over the past three years.
He added that in 2023, Binance Pay remained committed to a user-first approach, leading to consistent product enhancements, the onboarding of new merchants, and the establishment of partnerships across various industries.
Furthermore, transaction volumes experienced a remarkable year-on-year increase of over 71%, surpassing $77 billion. The number of active users also surged by nearly 70%, reaching over 12 million.
Binance Pay welcomed thousands of new merchants, providing a diverse shopping experience. Additionally, partnerships with DeFi wallets like Trust Wallet simplified asset transfers.
To enhance user experience, Binance Pay introduced user-friendly features such as ‘Send Cash’ and ‘Split Bills.’ Moreover, educational campaigns were launched to familiarize users with crypto payments.
The CEO views crypto payments as a gateway to Web3, offering a familiar entry point. In 2024, Binance Pay aims to improve the user experience by enabling seamless crypto payments, incorporating the latest trends, and expanding global partnerships for further innovation.
Jonathan Lim, Global Head of Binance Pay, expressed excitement about the milestones achieved in 2023 and the recognition of real-world use cases for cryptocurrencies.
He emphasized their commitment to building a secure, convenient, and extensive crypto payments ecosystem, marking the start of an exciting journey towards global financial inclusion and democratization.
