Binance Customers Can Now Buy Crypto With Apple Pay & Google Play• January 2, 2023 3:07 pm • Comments
With so many crypto exchanges that are reducing their operations or have gone bankrupt in the new year, it seems that there are still some exchanges that have managed to continue to grow.
Binance appears to be one of them as the company has recently announced that it will allow all users on its platform to now buy crypto using Apple Pay or Google Pay.
This is considered a major milestone for users because Apple Pay and Google Pay are both major payment processors that have a huge customer base already.
By including this functionality, the ease of buying crypto have increased more than it has ever been before which will encourage more mainstream adoption by the public.
The feature is already live today and investors expect that many other major crypto exchanges may soon follow suit as well after Binance.
Apple Pay and Google Pay payment options are now available on #Binance!
Purchase crypto, with ease pic.twitter.com/iXKUtvLYeG
— Binance (@binance) December 29, 2022
The rising prominence of payment applications has been a noticeable development in the financial sector over recent years. Consumers are utilizing these kinds of applications more frequently than ever before, and their implementation into the cryptocurrency world has been a steady one.
Subsequently, the largest cryptocurrency exchange platform by volume is implementing them in a massive way. In their latest Binance Build Tweet, Binance has announced that users can now purchase cryptocurrencies with Apple Pay and Google Pay.
Both of the mobile wallets are among the most popular on the market and surely open up the potential for a vast market share of users interested in digital assets.
Apple Pay alone boasts 43.9 million users, according to Business.com. Comparatively, Google Pay boasts 25 million through the same data, standing as first and second in total users for digital wallets, respectively.
So far, there has already been a lot of positive reactions to this news based on comments on Twitter which have affirmed that the feature works.
With that being said, there was some fear recently about the fact that there were a lot of withdrawals that were requested from Binance recently.
Speculators believe that the FTX collapse had affected the confidence of many investors on crypto exchanges which is why there were billions made in withdrawal.
At the moment, there has not been any issue so far and Binance has been able to honor all the withdrawals and has recognized that most of it was probably going to investors’ self-custody wallets.
Binance users now have the convenience of securely and quickly exchanging money from their Google Pay or Apple Pay accounts to cryptocurrency with just a few taps on their mobile device, expanding payment opportunities while increasing user accessibility. pic.twitter.com/AVhbw3rVU9
— TDX (@TDXLaunchpad) January 2, 2023
Binance is currently faced with a massive outflow of cryptocurrencies. Amidst the fear, uncertainty and doubt (FUD) surrounding the exchange’s insolvency, traders are moving their funds off the exchange to self-custody.
Changpeng Zhao, the CEO of Binance addressed these concerns and assured traders that the FUD is due to external factors. The exchange is rolling out new features to onboard crypto traders to its trading platform.
The introduction of mobile wallets on the platform therefore opens up crypto to mainstream users. The fee rate is currently 2% per transaction. Availability of the feature depends on the region where the user is located.
Binance could potentially acquire several users from the industry and tackle the massive outflows from the trading firm.
— BSC News (@BSCNews) January 2, 2023
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