The markets of Africa, Eurasia, and Eastern Europe are showing promising growth for Binance Pay

Binance Pay is being adopted by major marketplaces as a means to accept crypto payments for commonplace products and services.

A regional Binance executive said that Binance Pay is being used by nations in Africa, Asia, and Eastern Europe to facilitate the use of cryptocurrency as a payment method for products and services.

Cointelegraph spoke with Pakning Luk, regional business development head for Binance’s payment division, who updated the publication on recent statistics. Since its launch in 2021, the payments service has gained over 30 million users in certain locations and integrated with several major e-commerce and retail platforms.

A strategic relationship with WooCommerce, which is used by an estimated 40% of all websites in the world, is also anticipated to increase Binance Pay’s exposure. Users of 70 different tokens may now make purchases thanks to the connection.

As a result of the cooperation, Binance Pay will become a gateway to cryptocurrency-powered payments for a huge number of companies and consumers thanks to WooCommerce’s reach. In addition to highlighting online shopping and money transfers, Luk emphasised its customer base in Africa, South Asia, and the Commonwealth of Independent States as crucial locations for its product.

Through a connection to a payment aggregator, users may also use cryptocurrency to pay for cab services like Uber, Bolt, and Grab.

“We couldn’t provide this service without them; they’re the backbone that makes it possible. Instead of sending our customers to a third-party car service, we developed the front end that lets them use Binance Pay to schedule a trip.”

Since before the commencement of the current crisis with Russia, Binance Pay has had a presence in Ukraine via two merchant relationships with the Varus grocery chain and the WOG petrol station network.

In response to a question about whether Binance Pay planned to compete with services like PayPal in the future, CEO Luk said the company was instead concentrating on forming relationships and cooperating with other players in the market.

Also Read: The EU’s Banking Watchdog Has Issued A Warning That Crypto “May Threaten Financial Stability”