Binance Pay Enables Crypto Spending at PayPay Merchants…
By Abdelaziz Fathi
AI summary of the source article
Binance Pay is expanding its real-world payment services in Japan, allowing eligible international users to spend more than 100 cryptocurrencies across the majority of PayPay merchants. The integration operates through HIVEX, a payment interoperability framework linking overseas QR services with domestic systems. Binance Pay utilizes Tether USDt as a backend settlement layer, while HIVEX settles with PayPay, which ultimately distributes funds to merchants in Japanese yen. Merchants do not need separate registration or opt-ins to participate, avoiding direct cryptocurrency handling, volatility, and accounting challenges. The integration targets international travelers seeking digital wallet alternatives to traditional currency exchange.
Why it matters
The arrangement enables merchants to accept crypto-driven spend without handling digital wallet management, price volatility, or crypto accounting. It also provides international visitors with an alternative to traditional card networks and currency exchange services.
Key facts
- Eligible overseas Binance Pay users can spend more than 100 cryptocurrencies at the majority of PayPay merchants via HIVEX.
- Tether (USDT) serves as the backend settlement layer, with HIVEX settling to PayPay and PayPay paying merchants in Japanese yen.
- Merchants do not need additional registration or separate opt-ins to accept payments through the integration.