Crypto exchange Binance launches a payments app in alpha

Binance has released its payment application, Binance Pay, in a public alpha form. The app is a contactless peer-to-peer cryptocurrency payment feature that allows users to send and receive payments with cryptocurrencies like Bitcoin (BTC).

Binance initially rolled out Binance Pay during a soft launch in February 202 for P2P payments, allowing 250,000 users to interact with the product. Today, Binance Pay will launch in alpha with new features like merchant-based trading and available to all users.
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A Binance spokesperson told Cointelegraph that the new service is not limited to certain jurisdictions and is “currently available to all eligible users on Binance.com.” To get started with Binance Pay, users need to register on Binance and complete their identity verification.

“Users need to go to the Payment function on their Binance app to create a Pay account to start using the service. Once activated, users can top up their Pay wallet by transferring money from their spot wallet, ”explained the representative.

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

CEO of Binance Changpeng Zhcome Claims that the zero-fee structure can help address the shortcomings of fiat-based payment networks:

“Traditional payment infrastructure services are struggling with high transaction fees; We see this Pay product as a way to address one of the many problems and limitations of traditional finance. Finance is really moving towards a digital world and an economy where cryptocurrencies are pivotal to this change, which benefits the larger global population that needs it. “

Major legacy payment firms are increasingly realizing the potential of cryptocurrencies. In February, Mastercard, one of the world’s largest payments companies in the traditional finance sector, announced its plans to allow nearly a billion of its users. spend crypto by 2021. Its biggest rival, Visa, Officially reaffirms its commitment to cryptocurrencies payments and fiat money in January.

Digital payments giant PayPal also announced in early February that the company seeks to provide cryptocurrency payments on its platform after launches cryptocurrency trading in the United States in November 2020.