Home Cryptocurrency Binance crypto exchange launches payments app in alpha

Binance crypto exchange launches payments app in alpha

by Gordon James

Binance has launched its payment app, Binance Pay, in public alpha. The app is a contactless crypto-currency payment feature that allows users to send and receive payments in Bitcoin crypto-currency (BTC).

Binance Pay was first launched in February 202 for P2P payments, allowing 250,000 users to work with the product. Today Binance Pay launched in alpha format with new features like trading and is available to all users.

A Binance spokesperson told Cointelegraph that the new service is not limited to specific countries and is currently available to all eligible Binance.com users. To use Binance Pay, users must register with Binance and go through an identity verification process.

Users must access the payment feature in their financial application to create a checking account and use the service. Once activated, users can replenish their payment wallet by transferring money to it, a company representative explained.

Binance Pay supports more than 30 cryptocurrencies, including bitcoin, ether (ETH) and Binance Coin (BNB), as well as five fiat currencies, including the euro, British pound, Australian dollar, Brazilian real and Turkish lira.

Binance CEO Changpeng Zhao said the zero-fee structure could help fill the gaps in cash payment networks:

Traditional payment infrastructure services are riddled with high transaction costs; we see this payment product as a way to solve one of the many problems and limitations of traditional finance. The financial world is really moving towards a digital world and economy where crypto is at the center of these changes that will benefit more people around the world who need it.

Large pension companies are increasingly recognizing the potential of cryptocurrencies. In February, Mastercard, one of the world’s largest traditional financial payments companies, announced plans to enable its nearly 1 billion users to spend cryptocurrencies by 2021. Its main competitor, Visa, officially confirmed its commitment to cryptocurrency payments and layoffs in January.

Digital payments giant PayPal also announced in early February that it plans to offer crypto payments through its platform after crypto trading debuts in the United States in November 2020.

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