Binance Pay Expands in Japan, Bringing Crypto Payments to Millions
Binance Pay, the cryptocurrency payment service from Binance, has launched its services across Japan. This move allows eligible overseas users to spend more than 100 cryptocurrencies at millions of locations supported by PayPay. The vast majority of these merchants are spread throughout Japan and include major chains, smaller retailers, vending machines, taxis, and public transportation.
PayPay is a Japanese cashless payment service that has partnered with Binance through HIVEX, a payment interoperability framework. This partnership enables users to pay with the Tether USDt stablecoin (USDT) as its backend settlement layer. When settling with PayPay, merchants receive their sales proceeds in Japanese yen.
The launch of Binance Pay in Japan marks a significant milestone for cryptocurrency adoption in the country and for Binance itself. The company's native crypto coin, BNB Coin, saw a 1.7% increase following the announcement. To use Binance Pay in Japan via PayPay, users can follow these steps: Open the Binance app, tap the [Pay] icon, select the [PayPay] option, present your PayPay payment code to the merchant, or scan their QR code and complete the payment.