The cryptocurrency exchange Binance has enhanced its fiat gateway in collaboration with Worldpay, enabling users to purchase cryptocurrency via Apple Pay or Google Pay.
Binance has formed a partnership with Worldpay, a publicly traded payment processing firm, which allows users to acquire cryptocurrencies through its fiat onramp using Apple Pay and Google Pay.
In a Monday announcement, the crypto platform emphasized that the incorporation of Apple Pay and Google Pay represents “more than just a technical upgrade,” stating that this initiative showcases “our dedication to meeting users where they are, delivering web3 on their terms.” Binance claims that this collaboration is “particularly significant” in areas where credit card adoption is low but mobile usage is widespread.
“By supporting the most widely used digital wallets, Binance empowers newcomers to explore digital assets with the tools they already trust.”
This isn’t the first time Binance has sought to integrate with Apple Pay and Google Pay. In November 2022, the exchange allowed crypto purchases through credit and debit cards via these payment options. However, that effort encountered challenges, including restrictions based on devices and regions.
For Worldpay, this new collaboration signifies another advancement in its strategy to strengthen its footprint in the cryptocurrency sector. Recent reports have indicated that Worldpay aims to verify blockchain transactions for the first time, aiming to gain a deeper understanding of fund movements within digital ledgers.
It has been reported that the international payment processor has already engaged with multiple blockchains to explore becoming a validator, a role that includes overseeing and confirming transactions within digital ledgers. Sanchit Mall, who leads Worldpay’s web3 and crypto initiatives in the Asia-Pacific region, stated that the company’s vision is “to be integrated into the ecosystem from the ground up.”
In 2024, Worldpay processed $1.3 billion in stablecoin transactions, an increase from under $1 billion in 2023, although this still constitutes only a minor segment of its total annual transaction volume, which reaches $2.3 trillion.