Binance Launches Crypto Payment Service for Japanese Merchants

Binance has launched Binance Pay, a service that allows eligible overseas users visiting Japan to spend more than 100 supported cryptocurrencies at millions of locations nationwide.

The service uses HIVEX, a payment interoperability framework, which connects overseas QR payment services to PayPay-supported merchants in Japan. This is the first time a crypto payment service has accessed PayPay-supported merchants through this framework.

Binance told Cointelegraph that it will use Tether USDt (USDT) as its backend settlement layer, while HIVEX settles with PayPay and PayPay settles merchants in yen. Merchants do not need to opt in separately.