Binance wants to attract merchants to the Binance Pay payment platform
Cryptocurrency platform Binance said it wanted to get more people using crypto with the new payments service.
After the beta launch of the Binance Pay platform last month, the service now features payment and merchant functions that allow users to pay, send and receive crypto payments around the world without incurring any fees.
Binance launched this payment feature to allow payments to be made in an easy, convenient and secure way and to make encryption a larger part of people's daily lives to increase adoption and benefit.
Changpeng Zhao, Founder and CEO of Binance, said: Binance Pay is another step forward towards the way the future of payments flows and realizes more potential benefits of digital currency freedom.
According to the platform's page about the new product, Binance Pay, currently in beta, allows users to make offline and unlimited cryptocurrency payments from user to user around the world.
The founder and CEO of Binance explained, at the virtual Binance Blockchain Week event, that Binance Pay is a basket product that the company plans to put a lot of effort into this year.
He added: We believe that payments are one of the most obvious use cases of cryptocurrencies, and this step aims to get people to use cryptocurrencies instead of just keeping them.
Binance Pay supports more than 30 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin and BNB, as well as five fiat currencies: the Australian dollar, Brazilian real, euro, British pound and Turkish lira.
Users need to top up their Binance Pay wallets (shared with the Binance Card wallet) in order to make payments, and QR codes are generated when making a payment that the recipient can scan to receive their money.
“Traditional payment infrastructure services are full of high transaction fees, and we see this product as a way to solve one of the many problems and limitations of conventional financing,” said the founder and CEO of Binance.
He added: Funding is moving towards a digital world and economy where coding is at the core of this change that benefits the largest number of the world's people who need it.
Traders are facing difficulties due to price volatility and low adoption, but the new platform gives traders the option to accept stablecoins backed by currencies (until now limited to their own BUSD currency) so that they are not affected by price volatility.
Moreover, users can pay in cryptocurrencies directly, allowing users to stay completely in the cryptocurrency.