Binance Pay is launching crypto and digital asset payments at millions of PayPay-supported locations across Japan. According to a press release from Binance, Binance Pay will allow eligible overseas users visiting Japan to spend more than 100 cryptocurrencies at the vast majority of PayPay-supported merchants starting today.
PayPay is a Japanese cashless payment service accepted at millions of locations nationwide around Japan. The service is accepted at several major chains, smaller retailers, vending machines, taxis, and public transportation in the country. PayPay lists nine other overseas payment services supported through HIVEX, mainly from China, Hong Kong and Taiwan. Now, it lists Binance as a supported platform, and issued the following press release about adding Binance: “Users of Binance Pay can now use the feature for dining, shopping, accommodations, entertainment and other expenses at PayPay merchants throughout Japan. PayPay merchants will receive their sales proceeds in Japanese yen.”
The service will run through HIVEX, a payment interoperability framework that connects overseas QR payment services to PayPay-supported merchants in Japan, per Binance, making it the first crypto payment service to access PayPay-supported merchants through HIVEX. Binance Pay uses the Tether USDt stablecoin (USDT) as its backend settlement layer, while HIVEX settles with PayPay and PayPay settles merchants in yen.
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The move shows a strong leap forward for crypto in Japan, as well as for Binance as a global platform. The latter’s native crypto coin, BNB Coin, rose just over 1.7% following the announcement. Here is how to use the Binance Pay Service in Japan via PayPay:
- Open the Binance App and tap the [Pay] icon.
- Tap the [PayPay] icon.
- There are two options to pay to PayPay merchants:
- Option 1: Present Your PayPay payment code
- Show your PayPay payment code in the Binance App.
- Let the merchant scan the code on your phone to complete the payment.
- Option 2: Scan the Merchant’s PayPay QR Code
- Scan the merchant’s PayPay QR code via Binance Pay.
- Enter the payment amount.
- Complete the payment and show the result to the merchant.
- Option 1: Present Your PayPay payment code