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Bitpay Now Supports Binance's Stablecoin For Global Payments

Binance and Bitpay have partnered to enable consumers and merchants to access Binance stablecoins.

Bitpay Now Supports Binance’s Stablecoin For Global Payments

Bitpay and Binance, the largest crypto exchange in terms of trading volume, have partnered to drive adoption of Binance stablecoin BUSD. Through such a partnership, Bitpay aims to enable its customers and merchants around the globe to accept Binance stablecoin as a form of online payment. Bitpay businesses and merchants can purchase Binance stablecoin through global exchanges listing the stablecoin and the Binance exchange.

Binance’s Stablecoin Targets Global Consumers and Merchants

The stablecoin is now available to over 2 million Bitpay’s customers and merchants across the world. The support for the stablecoin would also be rolled out for Bitpay card. The stablecoin payment opens a new door for global businesses, which require the stability of the dollar and blockchain payments’ efficiency and security. Bitpay helps merchants globally to send and obtain international payments cheaper and faster compared to traditional bank wires. Furthermore, its cross-border business-to-business invoicing platform also is accurate, with minimized fraud risk, and fast bank settlement using stablecoins.

Bitpay CEO, Stephen Pair, said that the partnership with Binance is more than supporting another stablecoin. It is about making cross border payments easy and simple for both businesses by leveraging the global influence of Binance Exchange.

On the other hand, Changpeng Zhao, CEO and founder of Binance stated: “We are honored to partner with Bitpay, one of the earliest and most reputable crypto payment service providers in our industry.” He mentioned that partnership with Bitpay would enable businesses and merchants across the globe to accept Binance stablecoin, approved by the NYDFS (New York State Department of Financial Services).

The recent partnership has been made because of the rising demand of the Binance stablecoin. The support of Binance stablecoin will see the asset class joining other stablecoins like USDC by Coinbase, the Gemini Dollar, and Paxos as other main payment options. The demand for stablecoins and crypto payment is on the rise, a phenomenon that has made the popularity of Bitpay increase. Binance stablecoin is backed by traditional currency, and this protects users against the volatility associated with cryptocurrency. Apart from stablecoins, users have the option of making payments using Bitcoin and other leading cryptos.

It Is the Season of Giving! Binance Charity Is Giving Back

As part of the partnership, Bitpay is set to process all donations being channeled through the Binance Charity Foundation to public charities. Binance charity is an exchange initiative focuses on supporting donations using blockchain. The timing is right particularly during the COVID-19 crisis that will see more blockchain-based companies donate to assist the victims.

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87% of Merchants Believe Crypto Payments Enhancing Competitive Advantage: Deloitte Survey

87% of merchants believe crypto payments will enable them to stay at the top of their game based on the competitive advantage rendered, according to a survey by big four audit firm Deloitte.

Per the report:

“Overall, merchants understand that their adoption of digital currency payments puts them at a competitive advantage, broadly agreeing (87% of respondents) with the statement that organizations currently accepting digital currencies have a competitive advantage in the market.”

The study dubbed “Merchants Getting Ready for Crypto: Merchant Adoption of Digital Current Payments Survey” was done in collaboration with payments giant PayPal and interviewed 2,000 senior executives at U.S. retail organizations spread across electronics to transportation.

The research aimed to gauge the root cause of a trend shift in crypto adoption among merchants. It is also intended to pinpoint obstacles to heightened growth and understand the drift in consumer behaviour.

The study noted:

“85% of respondents anticipate that digital currency payments will be ubiquitous in their respective industries within five years. Industries surveyed were primarily consumer goods and services and included digital goods, electronics, fashion, food and beverages, home/garden, hospitality and transportation.”

Retailers have pumped in significant investments to enable crypto payments. Per the survey:

“54% of responding retailers have invested more than $1 million towards enabling digital currency payments.”

Therefore, it reflects that merchants are taking up the mantle of providing alternative payment methods based on surging demand.

Zachary Aron, a principal at Deloitte Consulting LLP, commented:

“This survey shows that merchants view acceptance of digital currencies – driven by consumer acceptance and demand – as key to driving business, and those that are slow to adopt run the risk of falling significantly behind.”

Some of the barriers to entry pinpointed included the complexity of integration between crypto and existing financial infrastructure.

When it comes to the future, the respondents acknowledged the urge for regulatory priorities needed to minimize risks for enhanced adoption.

Meanwhile, e-commerce giant Shopify recently enabled merchants to accept payments in more than 1,000 cryptocurrencies, Blockchain.News reported.

Over 50% Consumers in Latin America Conduct Crypto Transactions, Survey Suggests

Attributed to convenience and flexibility, crypto adoption in Latin America is increasing, according to a study by payments giant Mastercard.

The survey dubbed Mastercard’s New Payments Index 2022 highlighted:

“51% of consumers in the region have already made a transaction with crypto assets, and more than a third say they have made a payment for an everyday purchase with stablecoin.”

Crypto optimism levels among Latino consumers are high because 54% are positive about digital assets being investment vehicles.

Mastercard’s New Payments Index study is conducted annually and scrutinizes consumer behaviour regarding emerging payment methods. This year’s survey was undertaken between March and April and interviewed more than 35,000 respondents across the globe.

Therefore, Latin Americans see cutting-edge technologies like crypto as an ideal payment option. Walter Pimenta, the Executive Vice President, Products and Engineering, Mastercard Latin America and the Caribbean, acknowledged:

“The future of payments is already here. Increasingly Latin Americans are turning to technology to conduct their financial transactions. This trend is expected to rise, with an overwhelming 95% planning to use a digital payment method in the coming year and 29% acknowledging having used less cash in the past year.”

Latin American consumers are also inclined towards open banking and fintech based on the convenience of managing their personal finances. Per the study:

“Nearly 50% of Latin American consumers already use digital channels for financial activities, and 78% of them are interested in flexible payment solutions that allow them, for example, to change the payment date of their bills, especially those with irregular incomes and millennials.”

Therefore, the crypto trend has been gaining steam in Latin America. For instance, 26% of Brazilians had invested in crypto in 6 months to tackle challenges like high inflation rates, according to a study by crypto exchange KuCoin.