Binance Crypto Payments Come to Japan's Largest Payment Network

Japan's largest payment network, PayPay, has partnered with Binance to allow verified overseas visitors to pay at participating offline Japanese stores using their Binance crypto balances. The integration, which went live on September 30th, uses the HIVEX cross-border network and supports over 100 cryptocurrencies.

The system automatically converts the customer's cryptocurrency into yen, with merchants receiving the proceeds in Japanese currency. However, users are exposed to foreign exchange spread risk on payments and refunds, which can result in a different amount being returned due to rate fluctuations.

Eligible visitors must have completed Binance's identity verification process and use the Binance app to show their PayPay payment code for merchants to scan or scan a participating merchant's QR code. The feature is unavailable to Japan residents and some merchant categories, such as online platforms and certain barcode-payment merchants.

While this integration advances crypto payments adoption in Japan, it also retains coverage and conversion limitations. Binance notes that the exchange rate can be reviewed before confirming payment, but does not specify a numerical spread for fees.