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Binance Says It Wants to Get More People Using Crypto With Its New Payments Service
The beta Binance Pay product currently allows users to make and receive payments in five cryptocurrencies and the euro.
Cryptocurrency exchange Binance has launched a payments system called Binance Pay in what its CEO says is a move aimed at getting people to use crypto rather than merely holding it.
STORY CONTINUES BELOW
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According to the exchange's page about the new product, Binance Pay, currently in beta, allows users to make "contactless, borderless and secure" cryptocurrency payments around the world.
“Binance Pay is a basket product which we do plan to spend a lot of effort on this year. We think that payments is one of the most obvious use cases for crypto,” said Changpeng "CZ" Zhao, founder and CEO of Binance, announcing the news at the virtual Binance Blockchain Week event Tuesday.
The Pay platform allows users to pay and be paid in five cryptocurrencies – bitcoin, ether, swipe (SXP), BNB and BUSD – and one fiat currency so far, the euro.
When CoinDesk asked Binance if it intends to add more payment options, a representative said more information on "functionalities and plans" would be released soon.
Users will need to top up their Binance Pay wallets (shared with the Binance Card wallet) in order to make payments. QR codes are generated when a payment is made that can be scanned by the recipient in order to receive their funds.
According to CZ, payments is one of the "most obvious use cases for crypto," but merchants face difficulties with fluctuating prices and low adoption.
Read more: Binance Expects to Earn From $800M to $1B This Year, CEO Says: Report
Binance Pay gives merchants the option to accept fiat-backed stablecoins (so far limited to its own BUSD token) so they aren't affected by price volatility, he said.
Further, "users can pay in crypto directly. This allows the users to stay completely in crypto,” CZ added.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
