Binance Pay is now allowing its users to top-up their mobile phones with cryptocurrency through a new strategic agreement.
The contactless cryptocurrency payment platform Binance Pay has introduced an international mobile top-up service, enabling users to pay for calls, texts and data with cryptocurrency.
Powered by the cryptocurrency exchange Binance, the platform supports over 70 cryptocurrencies including BTC, ETH, BNB and BUSD.
Binance Pay’s new partnership with DT One, a Singapore-based micropayments platform that supports cross-border transfers of mobile top-ups, data bundles, gaming pins and gift cards, enables the platform to offer the new mobile top-up service.
With this, Binance Pay users can direct their mobile top-ups to their choice of telco providers, including AT&T, Saudi Telecom, Globe and AIS.
“Binance Pay’s partnership with DT One allows us to offer users easier top-up services and more opportunities to use cryptocurrency,” says Pakning Luk, the regional head of business development for Binance Pay. “We look forward to working closely with more global partners like DT One to further develop crypto adoption worldwide.”
Peter De Caluwe, CEO of DT One, says that their partnership with Binance Pay is “another significant step” in their mission to improve global connections for consumers.
“Binance Pay and DT One bring fast, secure and low-cost mobile top-up solutions to more people, thereby boosting financial inclusion,” he adds.
The expanding capabilities of crypto
The evolution of cryptocurrency’s applicability, as personified in this partnership between Binance Pay and DT One, is bringing the technology forward from a nouveau form of payment to a dependable form of tender that’s becoming increasingly prevalent in checkouts across the world.
This journey is perhaps best recognised in the Demystifying Crypto report, the latest edition of which was published by Checkout.com in 2022.
In this edition, the report explores cryptocurrency use cases across a range of scenarios. In regards to commerce specifically, the data indicates a sharp rise in the number of consumers actively seeking to complete their purchases with digital currency.
According to the findings, 40 per cent of 18 to 35-year-olds confirmed their desire to use cryptocurrency as a legitimate payment method; with this consensus increasing 10 per cent from figures recorded the year previous.
On the flip side, when questioned, 80 per cent of businesses recognised how the ability to support cryptocurrency as a form of payment was actively attracting new customers. While demonstrating a decrease in chargebacks, three out of five businesses experienced higher authorisation rates when accepting payments in cryptocurrency.
The findings of the report are confirmed by the similar findings of Paysafe, which found that four out of five cryptocurrency owners want to pay for goods in the real world through their crypto wallets.
Six months since these findings came to light, DT One and Binance Pay’s partnership is meeting this demand in a new way for the industry.
But while Binance itself battles with a range of regulatory investigations amid the ongoing volatility of the wider cryptocurrency market, it is difficult to accurately determine the true impact of its mobile top-up service.
Kristina Taylor is a highly knowledgeable journalist who has been following the financial news and cybercrimes space since 2011. She holds a degree in communication and media studies from Aarhus University and has always had a passion for writing.
Throughout her career, Kristina has become a well-traveled journalist within the industry and has contributed to many well-known publications. She has a keen eye for detail and is often found poring over white papers to gain deeper insights into the latest trends and developments.
Kristina’s extensive knowledge and experience in the field of finance and technology make her an invaluable contributor to Financial Magazine. She is highly respected in the industry and is known for her ability to break down complex concepts into easy-to-understand pieces for her readers.