Top Crypto Exchange Launches Binance Pay for Swift Cryptocurrency Payments
- Binance CEO, Changpeng Zhao, says the company launched a payment service “quietly” over the weekend.
- The service hopes to rival PayPal in the growing crypto payments industry.
Binance is forging ahead in its plan to have more people use crypto. To get this mission onboard, the world’s largest crypto exchange by trading volume launched a new payment service over the weekend.
Binance Pay Makes A “Quiet” Entrance
Binance boss, Changpeng “CZ” Zhao, has revealed Binance Pay, the exchange's latest crypto-based payment app. He made the revelation at the annual Binance Blockchain Week.
An explainer on Binance's website describes Binance Pay as a way to send and receive crypto payments. A sort of crypto version of PayPal, if you will. The website explains,
“Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance.”
Binance users can access Binance Pay from their wallets. Binance Pay integrates directly with the Binance VISA card. It can also be refilled from the spot wallet balances on the main Binance platform. Binance Pay is currently in beta.
At the conference, Zhao said that Binance was dabbling into the payment space because it noticed a need for a better, more innovative payment service. The CEO explained that many merchants still don’t trust crypto assets in their payment systems, as they prefer credit cards and cash. Once customers make payments with crypto, the merchant receives a stablecoin that can be converted to fiat easily.
The PayPal Slayer?
Binance Pay will support six currencies; BNB (Binance's native token), BUSD (Binance’s stablecoin), Bitcoin (BTC), SXP, ETH, and the Euro. Discussing why fiat was included at all in the lineup of currencies, Zhao said that this was to boost merchants’ confidence and avoid cryptocurrencies’ volatility risks.
Binance Pay is now live for customers. However, anyone looking to access the offering will need to register for it from their Binance wallets. They will then need to complete a quick three-step process, including setting a nickname, a PIN, and a password. Users also get to select and arrange the currencies they want to send and receive payments out of the six listed. Transactions with the app will be done through QR codes.
Paypal has been around long enough to gather a large share of the retail payment market. With 60 million merchants worldwide preferring to use the payment giant’s services, Binance has a lot of work cut out for it.
Asides from Binance Pay, Zhao also mentioned a more simplified version of the Binance app that will be released soon. The Binance Lite, according to Zhao, was created as a response to their customer’s request for a more intuitive dashboard. Zhao pointed out that many users have complained about the app’s seemingly busy appearance and confusing user interface. Binance Lite was created to address this issue, displaying only important and relevant data.