The platform has witnessed and celebrated considerable acceptance across a number of user groups during the course of its three-year inception, with total transactions surpassing an astounding $120 billion in equivalent.
Binance Pay witnesses 71% transactional volume growth
According to a recent research, Binance Pay, the company’s retail cryptocurrency payments service, saw transaction volumes climb by more than 71% year over year to surpass $77 billion in 2023. By the end of 2023, there were over 12 million active Binance Pay users worldwide, an almost 70% increase.
https://x.com/binance/status/1744692191706927403?s=20
Thousands of new merchants have joined Binance Pay in the last 12 months. Collectively, these retailers provide a wide range of shopping options, facilitating the incorporation of cryptocurrency payment methods into daily life. In 2023, Binance Pay initiated collaborations with prominent figures in several emerging sectors, both inside and outside the cryptocurrency landscape, with the aim of enhancing the ease and accessibility of cryptocurrency transactions for everybody.
One noteworthy instance would be Binance Pay’s interfaces with DeFi wallets, such Trust Wallet, which streamline and facilitate asset transactions worth billions of dollars.
Additionally, the service collaborated and worked closely with a number of organisations to enable cryptocurrency payouts to users in a number of contexts, such as the payment of salaries and loyalty awards.
As previously reported by U.Today, Binance Pay planned a significant marketing campaign for all Shiba Inu (SHIB) holders in 2022. The second-largest meme cryptocurrency’s supporters were eligible to receive cashback for their business ventures.
Making crypto payments streamlined for newbies and pros
In 2023, Binance Pay made a lot of payments; this year, the company hopes to do even more. Its objective is to open up the crypto payment technology market and make using cryptocurrency as simple as “see, click, buy.”
The significance of the solution for the global bitcoin ecosystem was emphasised by Jonathan Lim, Global Head of Binance Pay:
Our team is quite encouraged with the accomplishments we made in 2023. Users and companies are becoming more aware of the practical applications that cryptocurrency may bring, and we are pleased to be able to support this development by offering the necessary infrastructure. At Binance Pay, we’re fostering a global revolution in financial paradigms rather than merely developing a product. Our users’ faith in this revolutionary change is demonstrated by their confidence in and use of Binance Pay. We’re still committed to providing customers with a safe, practical, and large-scale cryptocurrency payments environment in 2024 as we go forward. This is only the start of an exciting journey towards democratisation and global financial inclusion.
The Binance (BNB) team is excited to build for the future, according to the statement, whether that means looking to add even more creative ways for people to pay, developing new features that incorporate the newest payment trends into cryptocurrency, or onboarding exciting new partners who want to bring crypto payments into their world.
