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In another exciting advancement in the cryptocurrency ecosystem, Binance has released its payment service, Binance Pay. The framework is available in public alpha and provides a non-contact, peer-to-peer crypto payment service for global users.
As a popular crypto exchange, Binance spreads its wings in the peer-to-peer stream and hopes to conquer the P2P industry with its software. A soft introduction of the Binance Pay app for P2P payments took place in February 2020. It has allowed 250,000 users to use and review the product. After about a month, Binance launched an alpha-based app that was open to all consumers, with additional functionality such as merchant-based purchases.
According to the CEO, Changeng Zhao AKA CZ:
“Binance Pay will be part of our long term development to complete the crypto journey and allow people to live in crypto, especially with digital payments being an integral part of everyone’s daily lives.”
The service is available on the Binance app and consumers will be able to finance their pay wallets by transferring funds from the spot wallet. It currently supports more than 30 cryptocurrencies, including the largest crypto, Bitcoin [BTC], and the largest altcoin, Ethereum [ETH]. In addition to crypto, the service sponsored five fiat currencies, including Euro, British Pound, Australian Dollar, Brazilian Real and Turkish Lira.
“Traditional payment infrastructure services are riddled with high transaction fees; we see this Pay product as a way to solve one of the many issues and limitations of traditional finance. Finance is truly moving towards a digital world and economy where crypto is at the crux of this change which benefits the larger global population that needs it.”
This adds to the extremely lucrative demand for payments. Prominent conventional payment companies including Mastercard have been seen turning their emphasis to crypto and recently revealed their intention to bring crypto to their vast number of customers, though Visa was already on-board to incorporate crypto in 2021.