Binance Pay Users Are Increasing in Africa and South Asia, Why?

Paigambar Mohan Raj
Source: Tesmanian

According to a regional executive, Binance Pay is seeing increased interest in Africa, South Asia, and Eastern European countries. The platform is being used as a way to bridge crypto as a form of payment. Since its 2021 debut, the payments program has drawn more than 120 million customers in particular geographic areas.

A strategic alliance with WooCommerce may also increase Binance Pay’s reach. The e-commerce plugin is used by 40% of websites worldwide, according to the data. Crypto users can make payments using 70 different tokens thanks to the integration.

According to regional business development lead Pakning Luk, remittance and online shopping are the biggest use cases. Users also use the platform for services such as Uber, Bolt, and Grab.

Before the present tensions with Russia, Binance Pay also had a presence in Ukraine. When asked if Binance Pay saw itself as a potential rival to PayPal, Luk dismissed any comparison. According to Luk, the service focuses more on forming alliances and collaborating with other members of the sector. The executive said that the firm would “welcome global players like PayPal to be our channel partners.”

Why is there a rise in Binance Pay users in Africa, South Asia, and East Europe?

According to a report by Triple A, emerging economies are spearheading crypto use around the world. There are 103 million cryptocurrency users in India. In contrast, there are just 44 million crypto owners in the U.S.

Daniel Fogg of IOV Labs claims that the growing popularity of cryptocurrency in emerging markets is due to its ability to provide solutions to common issues. One of the main factors driving the use of cryptocurrencies, according to Fogg, is the macroeconomic difficulties in emerging economies. He asserted that many consumers in developing nations will experience digital banking for the first time through the use of cryptocurrencies.

Binance is the largest crypto exchange in the world and is likely the first choice for many. Therefore, it is not surprising that the payments arm of the exchange is seeing increased interest in Africa, South Asia, and East Europe. Moreover, this user base is expected to increase over time. When the crypto markets fully recover from the 2022 crash and enter another bull run, the number of users may skyrocket by many folds.