Binance embraces Apple Pay and Google Pay, users can now pay for crypto in a new way

Binance, one of the world’s largest cryptocurrency exchanges, has added support for two popular payment platforms. This move is set to drive adoption of cryptocurrencies higher in the crypto winter. 

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Binance adds support for Apple Pay and Google Pay

Binance, a popular cryptocurrency exchange platform has added support for payment services Apple Pay and Google Pay. Apple Pay is a mobile payment service that allows users to make payments in iOS apps and is supported by Apple devices. Similarly, Google Pay is a service developed to power contactless purchases on Android devices. 

The two payment platforms are among the most popular ones in the community, therefore this move by the exchange could drive crypto adoption higher. Crypto Twitter is abuzz with users who affirm that the feature works and has been tested successfully. 

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. 

Popular mobile wallets open up the potential for a vast market share of users. Apple Pay has 43.9 million users and Google Pay has 25 million. These two are among the top digital wallets. 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.