Binance Brings Crypto Payments to Aussie Shoppers
Australians can now pay for everyday items using a Binance card and Apple Pay. The integration of Apple Pay with Binance allows eligible customers in Australia and New Zealand to link their digital asset accounts directly to Apple's mobile payment system, converting cryptocurrencies like Bitcoin, Ether, and USDC into local fiat currency at the point of sale.
This means that users can make purchases on their iPhone or Apple Watch using their Binance card. Transactions are also routed through Mastercard's merchant network, which spans over 150 million commercial locations worldwide.
Binance has vowed to use the findings of a recent audit ordered by Austrac to strengthen its operations in Australia and globally. The exchange must submit an external audit report by the end of the year after Austrac suspected its local arm, InvestByBit, breached the anti-money laundering act five times during an 18-month period.
According to Richard Teng, Co-CEO of Binance, consumer adoption of crypto-backed cards in developed markets has been slow due to asset price volatility and residual user scepticism. However, he believes that digital wallets will gradually become a preferred payment method over traditional commercial bank accounts.