Binance Pay Arrives in Japan with PayPay Partnership
PayPal competitor PayPay has partnered with Binance to enable crypto payments at participating merchants across Japan. The service, which launched on September 30, allows eligible overseas visitors to use their Binance Pay account to make purchases without requiring merchants to add a separate integration.
The partnership uses the HIVEX cross-border payment network developed by TBCASoft, allowing customers to scan a merchant-presented QR code or display a payment code for the merchant to scan. The customer's crypto is converted to Japanese yen at the time of payment, and merchants receive settlement in yen.
The service covers various types of merchants, including restaurants, retailers, accommodations, entertainment venues, and more, nationwide. However, it is limited to tourists visiting Japan and requires users to complete identity verification. Japan residents using Binance Japan are excluded from the service, as well as PayPay Money-only merchants and online payment merchants.
Binance has approximately 48 million users across over 100 countries and regions as of June 1, excluding Binance Japan users residing in Japan. To promote the new service, Binance is offering eligible visitors a limited-time 10% instant discount.