Binance, the world’s largest cryptocurrency exchange by client count, has integrated Apple Pay and Google Pay as a payment method, per a tweet on Dec. 29.
Apple Pay and Google Pay are popular and have gained widespread adoption in recent years. By adding support for these payment options, the exchange makes it easier for users to hold and trade cryptocurrencies, driving up adoption.
According to Binance, this service is only available to residents of the United Kingdom and the European Economic Area (EEA). The disclosure indicates that customers can use these well-known payment options to buy coins and tokens listed on Binance. However, users should be aware that processing services are not provided by Binance directly. Instead, all purchases will be through “third-party partners” that the ramp collaborates with from time to time.
Users who wish to acquire crypto assets through Apple Pay or Google Pay must complete Binance’s account verification procedure. Adding these new payment options is among some of the updates and improvements made by Binance. Earlier on, the ramp unveiled Binance Pay and Binance Card.
Google said earlier this month that by 2023, a portion of its customers would be able to pay for cloud services using cryptocurrency. The connection is being developed with Coinbase Prime, a cryptocurrency trading and storage platform.
MasterCard also started a scheme in mid-October to “enable financial institutions to offer cryptocurrency trading to their consumers.” Jorn Lambert, MasterCard’s Chief Digital Officer, stated that there is a large client base “out there that is genuinely interested in this, and intrigued by crypto,” but will be more confident if their financial institutions provide the services.