In total, across three years upon launch, the platform has seen and celebrated notable adoption in various groups of the users, with total transactions exceeding a staggering $120B in equivalent.
Binance Pay witnesses 71% transactional volume growth
Transaction volumes for Binance Pay, a retail crypto payments solution by Binance, soared by over 71% year-on-year to exceed $77 billion in 2023, a new report says. By the end of 2023, the number of active Binance Pay users across the globe shot up by nearly 70%, to over 12 million.
Over the past 12 months, thousands of new merchants have been added to Binance Pay. Together, these merchants create a broad shopping experience, helping to integrate paying for various services with crypto into everyday life. 2023 also saw Binance Pay launch partnerships with key players in a range of new industries — both within and beyond the crypto ecosystem — to make crypto transactions more accessible and seamless for all.
A notable example would be Binance Pay’s integrations with DeFi wallets, such as Trust Wallet, to simplify and bridge billions of dollars in asset transfers.
The service also partnered and worked closely with various organizations to facilitate crypto payouts to consumers in a wide range of areas, including salary disbursement and loyalty rewards disbursements.
Tomiwabold OlajideAs covered by U.Today previously, in 2022, Binance Pay organized a massive promotional campaign for all holders of Shiba Inu (SHIB). The fans of the second largest meme cryptocurrency were able to get cashback for their operations.
Making crypto payments streamlined for newbies and pros
After a huge year of payments in 2023, this year Binance Pay is planning to go even further. Its goal is to make paying with crypto as easy as ‘see, click, buy’ — and to pave the way for the industry in crypto payment technology.
Jonathan Lim, Global Head of Binance Pay, highlighted the importance of the solution for the global cryptocurrency ecosystem:
Our team is incredibly heartened by the milestones we achieved in 2023. There’s increasing recognition amongst users and businesses of the real-world use cases that crypto offers, and we are happy to be able to provide the infrastructure to facilitate this process. At Binance Pay, we’re not just building a product; we’re cultivating a shift in financial paradigms across the globe. Our users’ trust and adoption of Binance Pay reflect their belief in this seismic shift. As we forge ahead in 2024, our commitment remains intact: to offer a secure, convenient, and expansive crypto payments ecosystem that users value. This is just the beginning of an exciting journey towards global financial inclusion and democratization
Whether that’s looking to add even more innovative ways for people to pay, building new features that incorporate the latest payment trends into crypto, or onboarding exciting new partners who want to bring crypto payments into their world, Binance (BNB) team is excited to build for the future, statement goes.
Alex Dovbnya
Dan Burgin