Binance Adds Support for Apple Pay, Google Pay
Popular cryptocurrency exchange Binance on Friday announced that it now accepts Apple Pay and Google Pay for payments on its platform.
#Binance users can now purchase #crypto using Apple Pay & Google Pay.
— CZ 🔶 Binance (@cz_binance) December 30, 2022
Binance, which is already the largest cryptocurrency trading platform by volume, said in a blog post that supporting Apple Pay and Google Pay could unlock even more crypto investment and adoption.
According to Business.com, there are 43.9 million users of Apple Pay while Google Pay has 25 million users, making it the leading and second most popular digital wallet overall.
Unfortunately, the move comes in the throes of a crypto winter, where most tokens hold a shadow of their value from earlier this year. To make matters worse, the crypto market has been the victim of several major thefts this year and, more recently, was further shaken up by the scandalous downfall of fellow cryptocurrency exchange FTX.
“Additionally, the arrival of these mobile wallets in the cryptocurrency space represents a development in the accessibility of digital assets,” said Binance.
“The simplicity of use that this type of upgrade offers has the ability to bring Binance and the industry as a whole the newest users into the realm of cryptocurrencies.”
While Binance said that many users have already been able to use Apple Pay and Google Pay to purchase crypto on its platform, it cautioned that some users won’t be able to take advantage of the new payment method since these digital wallets aren’t available everywhere.
Furthermore, Apple Pay and Google Pay support isn’t available in the U.S. because the feature has currently only rolled out to Binance.com, not Binance.US, the latter of which is exclusively for users who live in the U.S. and does not have all of the features of its international counterpart.
That takes a chunk out of Binance’s potential market for the feature, since Apple Pay adoption has reportedly hit 75% of all iPhones in the U.S. Ontarians can’t use the feature either, as Binance isn’t available in the province altogether.