Binance Reveals Its New Crypto Payments App, Binance Pay.

Binance Reveals Its New Crypto Payments App, Binance Pay.

2021-03-12 | Eddy Morgan

Binance Reveals Its New Crypto Payments App, Binance Pay.

Binance has revealed its new payments application, Binance Pay, in public alpha. The app is a contactless p2p [Peer-to-Peer] crypto payment feature that lets users send and receive payments in crypto assets like Bitcoin [BTC]. Binance primarily unrolled Binance Pay within a soft launch earlier in February this year for P2P payments, permitting 250k users to interact with the merchandise. Today, Binance Pay is launching in alpha with new features like merchant-based transactions and is out there to all or any users. A spokesperson for Binance added that the new service isn't limited to certain jurisdictions and is “presently available to all or any eligible users on” so as to urge started with Binance Pay, users got to check in on Binance and complete their identification. “Users got to attend the Pay function on their Binance app to initiate the Pay account to start out using the service. Once activated, users can fund their Pay wallet by shifting funds from the spot wallet,” the representatives added. Binance Pay supports over 30 crypto assets along with Bitcoin [BTC], Ethereum [ETH], Binance Coin [BNB], and supports five fiat currencies including the Euro, British poundAustralian dollar, Brazilian real, & Lira . Binance CEO Changpeng Zhao outlined that the zero-fee structure could help address the shortcoming of fiat-based payments networks:
“Traditional payment infrastructure services are riddled with high transaction fees; we see this Pay product as to how to unravel one among the several issues and limitations of traditional finance. Finance is actually moving towards a virtual ecosystem and economy where crypto assets are at the crux of this alteration that benefits the larger global population that require it.”

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