Binance Pay Brings Encrypted Payments to Millions of PayPay Merchants in Japan

Binance Pay has successfully integrated with the HIVEX payment network, enabling eligible overseas users to make payments using encrypted assets at millions of merchant outlets in Japan that support PayPay.

• Users from over 100 countries and regions using Binance Pay can make encrypted asset payments to merchants in Japan that support PayPay.
• HIVEX will integrate Binance Pay into PayPay's existing QR code network, with merchants still settling in Japanese yen.
• This service is only available to eligible overseas visitors; Japanese residents are not included in the scope of availability as of September 30th.

On September 30, Binance stated that this service allows approximately 48 million eligible Binance Pay users from over 100 countries and regions to use the merchant network supported by PayPay while visiting Japan. Merchants continue to accept payments in Japanese yen, while the encrypted payment portion is processed by Binance Pay and its connected payment infrastructure.

This service is aimed at overseas travelers and can be used for consumption at restaurants, shops, accommodations, and other merchants that support the PayPay payment process.

Users can scan the merchant's PayPay QR code using Binance Pay to make payments directly from their Binance account. Where supported, users can also present the payment code within the Binance app for the merchant to scan and complete the payment.

According to Binance's instructions, Japanese residents are not able to use this feature. Overseas users must come from jurisdictions that support Binance Pay and complete the exchange's identity verification process.

HIVEX connects Binance Pay to the PayPay merchant network

HIVEX is responsible for connecting the merchant networks of Binance Pay and PayPay, enabling overseas payment services to access the QR code infrastructure already in use by Japanese merchants.

PayPay describes HIVEX as a service that allows Japanese visitors participating in activities at PayPay merchants in Japan to use supported overseas QR code payment applications. Merchants do not need to integrate with each individual overseas wallet connected to the network separately.

Before the integration of Binance Pay, this system was already used to connect multiple overseas payment services with PayPay. As previously reported by crypto.news in early September, PayPay has added UnionPay QR code payment through HIVEX for travelers visiting Japan who use UnionPay App.

After integrating with UnionPay, PayPay indicates that its merchant network can accept payments from 17 countries and regions, offering 36 types of overseas cashless payment services. The company estimates that these services cover approximately 80% of international visitors to Japan.

Binance Pay has brought different types of payment sources to this infrastructure, as users can directly utilize the supported digital assets in their Binance accounts for consumption.

Thomas Gregory, the vice president of Binance Pay and fiat business, stated that Japan is one of the leading destinations for cashless payments in the internet era.

Gregory said, "Our integration with PayPay reflects our common vision of making payments for travelers to Japan more seamless, borderless, and easily accessible."

He stated that this arrangement provides passengers with more payment options, and at the same time allows merchants that support PayPay to serve international customers through their existing payment setup services.

PayPay Merchants still accept payments in Japanese yen

For merchants, even if Binance Pay users complete purchases using digital assets, the payment process still relies on the local PayPay system.

Binance stated that merchants receive Japanese yen rather than cryptocurrencies, therefore individual businesses do not need to hold or directly handle digital assets.

PayPay Guidance for merchants is displayed. The HIVEX transaction process is similar to that of regular PayPay payments. Customers can use supported apps to scan the store's QR code or present a payment code for the cashier to scan during checkout. Merchants can confirm the completion of the transaction through PayPay, for, and Business.

PayPay indicates that eligible merchants can start receiving HIVEX payments without the need to submit an additional application, but merchants can disable this service in the PayPay for Business settings.

This arrangement enables Binance Pay to utilize the existing payment infrastructure without having to sign contracts with individual Japanese restaurants, hotels, and retailers one by one.

Binance has been working to establish similar connections between its payment services and local payment systems. An encrypted payment strategy proposed by the company earlier this year prioritizes both payments and stablecoins alongside its trading business.

Binance Research stated in April that Binance Pay has covered over 21 million merchants globally and has integrated with local payment networks, including those in Brazil Pix. As part of the exchange's efforts to promote the use of digital assets for consumption and transfers, this service supports payments based on QR codes.

PayPay already has a foundation of cooperation with Binance in Japan

This latest payment service launch is built upon the existing relationship between PayPay and Binance's Japanese business.

A subsidiary of SoftBank Group, PayPay, acquired a 40% stake in Binance Japan in October 2025 under the framework of a capital and business alliance between the two parties.

At that time, PayPay had over 70 million users in Japan. The protocol was designed to combine the cashless payment network of PayPay with Binance's digital asset services.

The services initially launched by both parties focused on the fund transfer between PayPay and Binance Japan, rather than using encrypted assets for consumption on the merchant side. Binance Japan users gained the ability to purchase cryptocurrencies with PayPay Money and PayPay Points, and the proceeds from selling cryptocurrencies could also be transferred back to PayPay.

In April 2026, both parties further expanded this connection, allowing customers to deposit Japanese yen into Binance Japan through PayPay Money before placing cryptocurrency orders. Subsequently, users can use this deposited funds for buying, placing limit orders, and conducting exchanges on the platform.

Binance Japan increased the instant deposit limit for PayPay Money in August. The 24-hour limit was raised from 300,000 yen to 1 million yen, and the 30-day limit was increased from 1 million yen to 2 million yen.

The service launched on September 30 is targeted at different user groups. Binance stated that the PayPay QR code feature provided through HIVEX is limited to eligible international visitors only, and is not intended for Japanese residents who use Binance Japan.

Japan is testing more digital asset payment methods

The Japanese retail payment industry is also testing other ways to integrate digital assets into existing checkout infrastructure.

Convenience store operator Lawson tested the use of JPYC, USDC, and USDT for stablecoin payments at two stores in Tokyo in August.

This pilot project directly connects digital wallets to Rosen’s existing sales terminals. Customers present their payment codes from supported wallets, which are then scanned by clerks through the regular checkout system, rather than using separate encrypted payment terminals.

Rosson stated that before deciding on a more widespread deployment, they will assess the transaction speed, system stability, and store operations.

In addition to retail stores, the Japanese payment industry is also exploring stablecoin settlement. In July, JCB collaborated with Circle to test USDC for internal fund transfers and merchant payments. The first phase focused on JCB's own cross-border fund transfers, and only thereafter might it be extended for retail use.

Binance Pay's latest service has taken a different approach, which is to connect overseas cryptocurrency users to Japan's mature QR code payment network.

Gregory indicates that the company believes establishing a connection with local payment systems is a way to implement digital asset payments through a payment experience that is already familiar to merchants and travelers.

Binance stated that the interconnection service PayPay implemented through HIVEX will be available to eligible Binance Pay users traveling to Japan starting from September 30th.