The world’s biggest cryptocurrency exchange, Binance, has partnered with “super app enabler” Splyt, to bring payment options to Binance’s mobile app. Cryptocurrency is included in the payment options made for Splyt.
Once it goes live, the integration will give Binance users the option to pay for ride-hailing services, but “also bike-sharing, scooters, airport transfers, public transport, and even food delivery,” a Splyt spokesperson told Cointelegraph.
A spokesperson at Binance stated that they're "excited to see crypto and blockchain taking on more use cases and real-life applications."
"Over the past year alone, we’ve observed an increase in retail and institutional interest in crypto and its use cases, including as a medium of exchange. Crypto has the potential to empower individuals with greater economic independence."
As usual, Binance CEO Changpeng Zhao, who is also known as “CZ,” broke the news on Twitter. “Book your ride with #Binance, and pay in crypto (no need to convert to fiat),” he tweeted.
The news brings some relief for Binance as it suffered issues related to “stuck transactions” on Bitcoin (BTC) withdrawals on June 13. The issue was resolved eight hours later.
A Splyt spokesperson said that it would be the "first partnership in the cryptocurrency space" and faced with perilous price action with Bitcoin sub $25,000, "Splyt is enthusiastic about its development."
“Increasingly, users are turning to their crypto wallets to pay for everyday services. [...] Fully integrating everyday services as an obvious next step for crypto wallets.”
It is no secret that Binance is keen on getting a foothold in the crypto payments world. "The ability to use crypto as a medium of exchange could also attract more non-crypto and mainstream users to embrace crypto," said the Binance spokesperson.
For CZ, app integrations and payments are supposed to increase the omnipresent Binance brand awareness. Since the world has slowly reopened after the coronavirus pandemic, CZ has undertaken a complete world tour, pitching Binance Pay and crypto to investors and countries all over the world.
The report states that Binance is already used by over 90 million users in more than 150 countries worldwide. For Splyt, the partnership opens the door to a wide customer base:
“The other perspective is equally important: mobility and other on-demand services can dramatically increase acceptance and transaction volumes, by being available through crypto platforms, who together have hundreds of millions of users.”
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