With a 61% increase in transaction volume and active users over the previous year, Binance Pay continues to solidify its position as the world's leading platform for crypto payments.
Binance, the world's leading cryptocurrency and blockchain infrastructure provider, celebrates the growth of crypto payments in Latin America, with millions of users, a strong 61% growth in transaction volume and active users, and an increase of more 105% in number of transactions, compared to the previous year.
Globally, Binance Pay transaction volume soared by more than 71% from the previous year and surpassed $77 billion in 2023. By the end of the year, the number of active Binance Pay users in the world rose almost 70%, to exceed 12 million.
In February 2021, Binance pioneered Binance Pay as a new method for users to seamlessly pay with cryptocurrency, from travel and hotel reservations to clothing purchases, among other everyday goods and services, through local partners. Originally launched as a simple online payment button, Binance Pay has since evolved to encompass a multitude of crypto payment methods. Over the past three years, the platform has seen steady adoption, with total volume exceeding $120 billion in transactions.
Latin America currently has three of the 20 countries that make up the list of nations with the highest crypto adoption in the world: Mexico, Brazil and Argentina, according to data from the latest index published by Chainalysis, but there is still much to do to achieve crypto adoption. in the mainstream. Among the solutions related to Binance Pay in the region is Crypto Remittances, which allows users to transfer their crypto from nine countries in the region, so that family and friends can receive money directly into their bank accounts. Crypto Remittances are available for Binance users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama and Mexico.
“More and more Binance users in Latin America are taking advantage of the benefits of Binance Pay to gift, send and receive cryptocurrency transactions. “The sustained growth of this solution indicates the greater integration of cryptocurrencies into everyday transactions, a trend that we believe will persist as more people and institutions take advantage of the enormous potential of the crypto world,” said Min Lin, Binance Regional Vice President for the Americas. Latina. “We continue working hard to add new partnerships in the region with the aim of expanding crypto use cases and continuing to bring closer the benefits that this technology can offer in reduction of costs and intermediaries, speed, security and transparency,” he added.
Over the past 12 months, Binance Pay has focused on user-friendly innovation, bringing crypto payments to everyday transactions through integrations with DeFi wallets and various partnerships that enable crypto transactions to become increasingly accessible and seamless. for everyone, in categories such as tourism, retail, gaming, education, among others. Some examples are Binance Pay integrations with DeFi wallets, such as Trust Wallet. In Latam, in particular, it has announced partnerships with Despegar, Credencial Payment, Nissan Autoferro, Mobbex, Vita Wallet, BOMBO, Napsix, Nuuvem, Slice Token and Regum, among other alternatives that allow expanding payment and collection options. Thanks to their integration, the various partners open the alternative of sending and receiving crypto payments around the world without incurring special management costs, in a simple and secure way. In addition, this solution improves fraud control, eliminating chargeback claims, and provides the freedom to choose between more than 80 cryptocurrencies.
In line with Binance's vision of promoting global financial inclusion through cryptocurrencies, Binance Pay acts as a bridge to broader adoption, facilitating crypto payments in everyday life.