Binance has released its Binance Pay payment app in public alpha. The app is a contactless payment function for cryptocurrencies that allows users to send and receive payments in cryptocurrencies such as Bitcoin (BTC).
Binance originally launched Binance Pay as a P2P payment in February 202, allowing 250,000 users to interact with the product. Binance Pay is launched in alpha today with new features such as cross-purchase transactions and is available to all users.
A Binance spokesman told Cointelegraph that the new service is not limited to certain jurisdictions and “is currently available to all eligible users on Binance.com.” To start using Binance Pay, users must register with Binance and complete identity verification.
“Users need to navigate to the payment feature of the Binance app to start a Pay account to start using the service. The representative explained that once users are activated, they can fund their payment wallet by transferring money from instant wallet.
Binance Pay supports over 30 cryptocurrencies, including Bitcoin, Ether (ETH) and Binance Coin (BNB), as well as five fiat currencies, including Euros, British Pounds, Australian Dollars, Brazilian Reals and Turkish Lira.
Binance chief Changpeng Zhao said the free structure could help address weaknesses in listed payment networks:
“Traditional payment infrastructure services have high transaction fees; we see this payment product as a solution to one of the many problems and limitations of traditional economics. Finance is really moving towards a digital world and an economy where coding is the core of this change that will benefit the largest number of people in the world who need it. “…
Large older payment companies are increasingly realizing the potential of cryptocurrencies. In February, Mastercard, one of the world’s largest payment companies in traditional finance, announced plans to allow nearly 1 billion users to use cryptocurrency in 2021. In January, the biggest competitor, Visa, officially confirmed its commitment to cryptocurrency payments and banking. …
The digital payment giant PayPal announced in early February that the company intends to offer cryptocurrency payments through the platform after rolling out cryptocurrency trading in the US in November 2020.