Binance launches a new service that competes with Paypal ... Details here
Binance is the largest cryptocurrency exchange in the world by volume.
Binance isn't content with just getting people to buy and trade bitcoin and other cryptocurrencies.
Rather, it wants to make people use cryptocurrencies in their daily lives.
This morning, at its virtual event “Binance Blockchain Week,” Binance announced that a trial version of Binance Pay had been launched last Friday.
This is an explicit response to PayPal's recent move, which also announced support for cryptocurrencies in payments between users.
According to the official website of Binance, the following:
Binance Pay is a secure, borderless, cryptocurrency payment technology designed and developed by Binance.
“Binance Pay” (demo) allows you to pay and get cash in cryptocurrency from your friends and family all over the world.
The CEO of Binance "CZ" interacted and told the audience at the "Binance Blockchain Week" event, stating:
We believe payments are one of the most obvious use cases for cryptocurrencies.
But he said that the process faces some challenges, as the biggest difficulty traders face is setting up systems for accepting cryptocurrencies that the vast majority of clients do not use.
As opposed to accepting cash and credit because people use it regularly.
The Binance system allows users to pay in cryptocurrencies, while merchants receive fixed digital currencies backed by legal fees that can be converted into fiat currencies.
(At this beta stage, the app only supports one type of fiat currency: the euro.)
“CZ” said:
This way the business does not have to fluctuate with cryptocurrencies.
The new Binance card that was previously revealed will be linked to the service and the new application, "Binance Pay".
Like the Binance Card, the "Binance Pay" app will support five digital currencies:
Bitcoin
Ethereum
BNB
BUSD
SXP
Unlike a debit card, Binance Pay users can transfer money from their digital wallet using a scanner and a QR code in the app.
Although CZ has big plans for Binance Bay, he joked that the beta release was quiet without the media's glitz.
He added:
If you can find the product, you can try it.