Binance announced a collaboration with hybrid digital and fiat payment solutions provider Alchemy Pay to enable the use of BNB and BUSD, among nine supported cryptocurrencies including BTC, for payments on e-commerce platform Shopify. This is aligned with Binance’s freedom-of-money philosophy, which includes making digital currencies usable in more places worldwide.
Through Alchemy Pay, Shopify merchants from countries including the U.K., the U.S., Singapore, Thailand, Indonesia, and Hong Kong, can now begin to accept Binance’s native token, BNB, and its USD-backed stablecoin, BUSD, for payments – making Binance the only cryptocurrency issuer with two digital currencies supported by Shopify. This is realized through Alchemy’s partnership with QFPay, a fiat payments provider with over 1.2 million merchants and the payment service provider of Shopify.
This is a huge milestone for Binance in creating use cases for BNB and BUSD and driving cross-border payments in the digital currency era. Shopify is one of the world’s largest e-commerce platforms with a market valuation of over $120 billion that provides Software-as-a-Service (SaaS) solutions to independent e-commerce sites operating across 175 countries. Shopify merchants had served over 218 million consumers in 2019 and are expected to face rising demand and traffic in view of the current global conditions.
The hybrid fiat and digital currency payment gateway used by Shopify was co-developed by Alchemy Pay and its partner QFPay. In addition to cryptocurrencies, the payment solution also accepts fiat options such as credit cards, Alipay, Wechat Pay, FPS, and more. Consumers shopping on Shopify’s partners using their PC browser can pay in digital currencies using any wallet of their choice, while shoppers on mobile apps and browsers will need to pay via partnered wallets of Alchemy.
Binance aims to further build out the infrastructure for the blockchain and cryptocurrency ecosystem, and increase the freedom of money across the globe. The company will continue to work with like-minded organizations, like Alchemy Pay, to further push forward the adoption of digital currencies for payment by traditional giants, and expand the global real-world use cases of digital currencies.
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