Binance Pay opens crypto payments at PayPay merchants across Japan for overseas visitors

Crypto exchange Binance has opened crypto payments at merchants that accept PayPay, a Japanese mobile payment service. In a press release dated Sept. 29 (local time), Binance said overseas Binance Pay users visiting Japan can pay at PayPay-supported merchants nationwide from Sept. 30. The service covers about 48 million users in more than 100 countries and regions.

Stores still get paid in yen

Merchants continue to receive settlement in yen. Binance Pay manages the user side, while merchant acceptance and settlement are handled through HIVEX, a payment network, and its local acceptance partners. HIVEX is a cross-border QR payment network built by TBCASoft, a Silicon Valley company. Each payment provider plugs into the network while keeping its own governance and compliance structures. Merchants do not need to sign up separately, according to Cointelegraph. TBCASoft said, however, that availability may vary by merchant and payment method.

In a press release issued the same day, TBCASoft said both payment methods are supported: users can scan the QR code at a store's counter, or the store can scan a QR code shown on the user's phone. Users pre-select which of more than 100 supported cryptocurrencies to pay with. Cointelegraph described the service as centered on Tether's USDT. Binance told Cointelegraph it is the first crypto payment service connected to PayPay-supported merchants through HIVEX.

Binance said Binance Pay has processed more than $321 billion in transaction volume since its 2021 launch and is accepted by over 21 million merchants worldwide. PayPay is a Japanese mobile payment service used at major chain stores and small shops, as well as vending machines, taxis and public transportation.

Taiwanese wallets got there first

Binance is not the first overseas payment app to reach PayPay merchants through HIVEX. On Feb. 3 this year, TBCASoft announced that users of Taiwan's Plus Pay and Taishin Pay could pay at PayPay merchants in Japan through HIVEX. TBCASoft said at the time that Taiwanese travelers could now pay in Japan without the hassle of currency exchange or foreign transaction fees. According to Cointelegraph, nine other overseas payment services besides Binance are connected to PayPay merchants through HIVEX, mostly from China, Hong Kong and Taiwan.

Binance and TBCASoft first announced their partnership on Aug. 5. At the time, the two companies said they planned to launch in the third quarter, starting in Japan, and later expand to Binance's broader base of more than 300 million users. The Japan service went live on the last day of the quarter the companies had planned.

PayPay owns 40% of Binance Japan

PayPay and Binance are already tied through equity. On Oct. 9, 2025, PayPay announced it had acquired a 40% stake in Binance Japan, Binance's Japanese unit. The companies said then that they planned integrated services letting users buy crypto in the Binance app with PayPay Money and withdraw proceeds to PayPay Money.

The new payment feature, however, is for users from outside Japan. TBCASoft said Binance Japan users residing in Japan are not eligible to use it.

South Korea tops August arrivals

Japan received 3,098,900 international visitors in August, down 9.6% from a year earlier, according to the Japan National Tourism Organization (JNTO). Visitors from China fell 59.0% to 418,000 in the same month. Arrivals from South Korea rose 28.7% to 850,500, the most of any country or region and a record for the month of August. From January through August, South Korean arrivals rose 21.2% to 7,420,300.