PayPay and Binance are working together to integrate new payment rails for residents of Japan.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
2 mins read
PayPay, a payment service operated by the Japanese investment holding company SoftBank Group, has inked a partnership deal with Binance Japan to integrate new payment rails.
This means that Binance Japan users can now acquire cryptocurrencies using PayPay Money funds. They can also withdraw the crypto assets from the same platform.
SoftBank’s PayPay has collaborated with Binance Japan to roll out new payment rails following its investment in the platform.
This comes as the company prepares for its Initial Public Offering (IPO) in the United States this December.
For this initiative, the duo will be leveraging PayPay Money, an electronic money service that allows peer-to-peer transactions between its users free of charge.
Apart from being able to purchase crypto assets via the platform, Binance Japan users can also withdraw their crypto directly to PayPay Money.
Whether they are buying or selling crypto assets, all that users require is a single click on the spot trading platform.
The minimum amount for transfers allowed on PayPay is about 1,000 yen, which is equivalent to $6.50.
Users will be able to perform deposit and withdrawal transactions at any time of the day.
They are required to complete identity verification on both the Binance Japan app and the PayPay platform.
This way, users can give their consent to link their accounts on both platforms and perform transactions.
This is Binance Japan’s first expansion beyond bank transfers in Japanese yen.
Only a few weeks ago, PayPay acquired about a 40% stake in Binance Japan, giving it strong control within the ecosystem.
Their partnership is focused on merging PayPay’s cashless payment ecosystem with Binance’s blockchain technology.
At the time, allowing crypto purchases with PayPay Money and enabling PayPay withdrawals for Binance users in Japan was listed as an early initiative.
Market watchers are optimistic that the alliance would accelerate the development of secure, user-friendly Web3 financial services.
Meanwhile, PayPay’s US IPO, which has been underway for a few years, is still in the plan. It is scheduled to go live by December.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
