On Monday, Binance, the world’s largest cryptocurrency exchange, announced an expansion of its fiat gateway, which will enable users to seamlessly purchase cryptocurrencies using widely adopted mobile payment solutions like Apple Pay and Google Pay.
The integration is made possible through a strategic collaboration with the global payments processing giant, Worldpay.
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Binance reveals in latest press release
According to a statement issued by Binance, the incorporation of Apple Pay and Google Pay for cryptocurrency purchases through credit and debit cards signifies more than just a technological advancement. It embodies their dedication to meeting users where they are, bringing web3 to them on their own terms.
The exchange noted the importance of this integration in regions where traditional credit card usage may be limited, yet mobile phone penetration remains high. Binance stated, “By supporting the most widely adopted digital wallets, Binance enables new users to explore digital assets using tools they already trust.”
Recall that in 2022, the company attempted to integrate Apple Pay and Google Pay. However, that earlier endeavor encountered certain technological and geographical constraints.
Meanwhile, the partnership will represent a further step for Worldpay in solidifying its presence within the growing cryptocurrency sector.
Sanchit Mohl, Head of Web3 and Crypto for Worldpay in the Asia-Pacific region, articulated the company’s vision to “be part of the ecosystem from the ground up.” Notably, in 2024, Worldpay processed $1.3 billion in stablecoin transactions, although this still constitutes a relatively small fraction of its overall annual transaction volume, which reached $2.3 trillion.
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Fiat as a crucial on-ramp
The integration of these popular digital wallets aligns with the increasing global preference for such payment methods, which, in many regions, serve as the primary point of access to financial services. Nabil Manji, Head of Fintech Growth at Worldpay, emphasized this point, stating, “That’s what makes Binance’s integration so powerful — it enables users to explore crypto with the same ease and confidence they associate with trusted e-commerce experiences.”
Furthermore, Binance has been actively expanding its fiat capabilities, launching 18 new fiat channels in 2024 for retail and institutional clients. These channels encompass various options, including traditional bank transfers, card networks, mobile wallets, and regional payment providers.
This focus on expanding fiat options has yielded positive results for Binance, attracting new users and fostering user retention. The exchange reported that over 60 percent of active fiat and P2P users in 2024 completed repeat transactions, indicating a positive and effective user experience. By the end of the previous year, Binance users could access cryptocurrencies using over 1,000 different payment methods spanning more than 125 fiat currencies.
Furthermore, Binance has focused on geographic expansion, launching services in over 20 new countries, including nine countries across West and Central Africa.