Binance Pay Accepted at Malls and Hotels in UAE, Thanks to this Collab

Paigambar Mohan Raj
Source: Cryptoslate

The UAE is quickly becoming a Mecca for the crypto industry. Not only have a plethora of crypto companies, such as Binance, moved their bases to the oil-rich nations, but a large number of local businesses have also begun accepting crypto as means of payment.

It has now come to light that Binance Pay is now accepted in 29 retail malls, 13 hotels, and four mixed-use communities in the UAE, thanks to its partnership with Majid Al Futtaima, a UAE-based shopping mall, and retail giant.

Majid Al Futtaim has partnered with Binance to use Web3 technology to future-proof its company and benefit its millions of customers.

The partnership will see the development of a digital wallet infrastructure to store virtual assets from many platforms, as well as the integration of Binance Pay, which allows users to make purchases using virtual assets at Majid Al Futtaim’s various locations.

Binance Pay is a contactless, borderless, and secure user-to-user gateway available on the Binance app that allows consumers and merchants all over the globe to utilize cryptocurrency without paying additional costs.

Changpeng Zhao, popularly called CZ, CEO and co-founder of Binance, said

“Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay.”

Apart from its partnership with Majid Al Futtaima, The Manor Hotel by JA has also joined on board with using Binance’s services.

At the Future Innovation Summit in Dubai, earlier this month, Binance’s executive director of strategic alliances and business development, Nadeem Ladki, said that the firm aims to continue working with governments, regulators, and financial academies to boost crypto adoption.

He stated,

“Our vision for the future is all things Web 3 and that is really what we’re trying to build.”

The UAE’s crypto-friendly laws have attracted many businesses from around the world, and have also served as an example for many countries that are looking at crypto as a viable future.