Binance Partners Worldpay to Bring Fiat-to-Crypto Payments via Apple Pay and Google Pay

Binance has announced a partnership with Worldpay, a leading payment processing company based in Ohio, US. As part of the collaboration, users will be able to purchase cryptocurrencies on Binance using Apple Pay and Google Pay, with transactions routed through Worldpay. The initiative is aimed at making digital assets more accessible by leveraging familiar and widely used payment platforms. Binance, the world's largest cryptocurrency exchange, emphasised that both on-chain and off-chain ramps play a vital role in accelerating crypto adoption.

Commenting on the development, Binance said that fiat gateways are crucial to get new users onto the crypto ecosystem. As part of the deal, Worldpay will let Binance users process card-to-crypto transactions using their Apple Pay and Google Pay accounts.

As per Statista, Apple Pay has over 500 million global users. Meanwhile, Google Pay reportedly has a global userbase of around 150 million. Binance noted that apps like Google Pay and Apple Pay can solidify the merger of traditional financial systems with Web3.

"The addition of Apple Pay and Google Pay is more than just a technical update. It reflects our commitment to meeting users where they are, bringing Web3 to them on their terms," the exchange said in its announcement post.

Meanwhile, Worldpay has been working on its crypto-focussed partnerships for some years now. As per its website, the platform can help crypto exchanges navigate the "complexities of global payment processing". The platform that started as an online multi-currency payment system in 1997, currently accepts 135 currencies through cards, mobile wallets, and other payment systems. It claims to offer accurate fraud prevention services to crypto exchanges along with a full chargeback indemnification.

Nabil Manji, Head of FinTech Growth at Worldpay has predicted that this integration with Binance will likely be impactful in allowing users to explore crypto with a familiar ease.

"Digital wallets have emerged as the preferred payment method for millions of consumers globally, and in many parts of the world, they are already the primary way people engage with financial services and trusted e-commerce experiences," Manji stated.

Worldpay has also partnered with Vanar Chain to upscale the network's financial services. The blockchain firm called Binance's partnership with Worldpay "huge" in a tweet.

Given their massive userbase and elaborate global presence, both Apple Pay and Google Pay have drawn the attention of crypto firms to explore integration possibilities.

In 2021, for instance, Coinbase partnered with Apple Pay and Google Pay, enabling users to link their Coinbase cards to these platforms and pay for utilities via crypto. Later in 2022, the CryptoCom exchange announced an integration with Google Pay to let individuals purchase cryptocurrencies through the online payment app.

That being said, both Apple and Google have remained distant from directly exposing users to volatile crypto assets that may pose a financial risk.