Binance Launches Payment Service with Support for Merchants

Crypto exchange giant, Binance announced on Friday the alpha launch of Binance Pay, the payments app that will allow fiat and crypto payments.

Along with the traditional payments functions, the app will support merchant-based transactions and allow the processing of payments either online or in-person using QR codes, the press release detailed.

Binance released the beta version of its payments application last year in February with functions of only peer-to-peer transactions. The exchange claims that around 250,000 users signed up for its payments app in a year.

No-Fee Transactions

Binance Pay supports over 30 currencies and allows transactions using popular digital currencies like Bitcoin, Ethereum and Binance Coin. But, the feature most highlighted by the exchange is the ability to make global transactions without any fees.

“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,” Binance CEO, Changpeng Zhao, said.

“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.”

Binance has become one of the top global cryptocurrency exchanges and has aggressively expanded its services as it now offers crypto debit cards to mining pool services. But, payments seem to be the next major service area with the growing retail interest in cryptocurrencies.

“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,” Zhao added.

(Photo: Binance)

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