MyBroadband recently tested making payments with Binance Pay, and we found it to be a seamless and convenient experience.
Binance was founded in 2017 and is now the world's largest cryptocurrency exchange by daily trading volume. It also offers a contactless crypto payment technology called Binance Pay.
Binance Pay supports merchant payments with over 100 cryptocurrencies, including popular options like Bitcoin, Ethereum, BNB, USDC, and USDT.
It also supports the sending of cryptocurrency to friends and family across over 300 tokens.
South Africans can use Binance Pay at any store that supports Zapper, so we tested out this payment option at a nearby coffee shop.
First, we signed up for Binance and ensured that we had enough money in our balance to afford a cup of coffee.
This included creating an account using our email address. You can also use your phone number or a third-party service, such as Google or Apple.
After setting our password, we were prompted to complete KYC identity verification, also known as FICA in South Africa, which is an important part of Binance's security requirements.
The verification process was surprisingly quick -- and we were ready to go. We entered the coffee shop, ordered our coffees, and said we'd like to pay by Zapper.
We then opened the Binance app, tapped the pay icon on the top-right-hand corner of the app, and then tapped the QR code icon.
After successfully scanning the code, we were prompted on the app to choose the cryptocurrency we wanted to transact with, and our payment was successfully processed.
The entire process was extremely quick and painless, with no additional fees. Simply put: in our experience, Binance Pay makes cryptocurrency a viable form of payment for everyday transactions.
Alongside its integration with Zapper, Binance Pay also has partnerships with Peach Payments. These are all powered by MoneyBadger to make crypto payments more accessible in South Africa.
Earlier this year, the company announced that its 2024 institutional onboarding figures more than doubled when compared to 2023.
This resulted in Binance becoming the first centralised cryptocurrency exchange to exceed $100 trillion in all-time spot and derivatives trading volumes.
The company added that it expected to see even more growth in 2025. To drive growth in South Africa, Binance is focused on improving cryptocurrency education.
This is happening most notably through its new TV show on SABC 3, The Getting Crypto Show.
Hosted by Nicolette Mashile, popularly known as The Financial Bunny, this show focuses on breaking down the complex cryptocurrency space into simpler terms.
"Many people are hearing about crypto but don't know where to begin," said Yande Nomvete, Operations Manager at Binance Africa.
"We launched this show to help people build real confidence in understanding and using crypto as part of their financial future."
Between its focus on education, prioritisation of security and compliance, and partnerships in South Africa, Binance is poised to become a popular player locally.