Binance, the world’s biggest crypto exchange and altcoin crypto exchange has launched a new payment system called Binance Pay. According to its CEO is a move aimed to get people using crypto, rather than merely holding it.
According to www.binance.com Binance Pay is a contactless, borderless and secure cryptocurrency payment technology. It allows users to pay and gets paid in crypto from friends and family worldwide.
The founder of Binance said that Binance Pay is a basket product on which they plan to spend a lot of effort this year. The news was announced at the virtual finance Blockchain Week event this week.
The Pay platform allows users to pay and be paid in five cryptocurrencies that include Bitcoin, Ethereum, swipe, BNB, and BUSD. Currently other than crypto it deals with just one fiat currency, the euro.
Reportedly, on being asked if Binance intends to add more payment options, a representative said that more information would be released soon.
Setting up a Binance Pay account will be fairly easy for those already having a Binance account. New users can register by creating an account on the Binance website or through its application. Creating an account is completely free. Application users will need to top up their Binance Pay wallet (shared with the Binance Card wallet) in order to make payments. As payment is made, QR codes are generated that can be scanned by the recipient in order to receive their funds.
Binance Pay will give merchants the option to accept fiat-backed stable coins so they aren’t affected by price volatility. The users can also pay in crypto directly. This will allow the users to stay completely in crypto. The lack of transaction fees is an attractive feature of Binance Pay. This would bode very well for merchants who are looking to lower their transaction costs.
It is to be noted that the launch of Binance Pay comes amidst a flurry of mainstream entrants into the cryptocurrency payments market.
PayPal announced towards the end of last year that it would allow its user to exchange cryptocurrency on its platform. Following suit was Visa, when it announced this week that it would help banks to roll out Bitcoin and other major cryptocurrencies. This also marked a change of direction for a company that has been hostile towards the crypto market.
While the cryptocurrency payments sector heats up in terms of development, Binance is on fire. Last year the exchange launched Binance Launch pool that is its own staking platform.
The company also launched its Binance Smart Chain platform, which is an alternative to Ethereum for building decentralized applications. Now it’s making headlines for launching Binance Pay.
At the speed at which Binance is growing and adding products, its objective to exchange the world might become true soon.