Binance, the world’s leading cryptocurrency exchange by trading volume, isn’t happy to just have people buy Bitcoin and other altcoins but it wants to kickstart demand and mainstream adoption by having people use crypto.
The global exchange announced today at its virtual event, Binance Blockchain Week, that last Friday, it had sneakily launched a beta version of Binance Pay, it’s rival to PayPal. Users can use their crypto wallets to make purchases, and vendors can convert from the Binance stablecoin to the euro.
Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance as mentioned on its website. Binance Pay allows you to pay and get paid in crypto from your friends and family worldwide; what exactly does Paypal.
Binance CEO Changpeng „CZ“ Zhao told the virtual Binance Blockchain Week audience,
„We think that payments are one of the most obvious use cases for crypto.“
But it’s encountered some challenges, he shared. The greatest difficulty is for merchants to have systems to accept currencies that the overwhelming majority of customers don’t use. It’s just easier to accept cash and credit because people use them regularly.
Binance’s system allows users to pay in crypto, while the merchant receives fiat-backed stablecoins that can be converted into fiat. At the moment point, the product only supports the euro.
Like Binance Card, Binance Pay supports five currencies. Bitcoin and Ethereum are both represented, as is the exchange’s BUSD stablecoin and Binance Coin (BNB), an exchange-specific utility token used to pay trading fees and take part in Binance-hosted token sales.
Unlike the debit card, there’s no actual card with Binance Pay and users can transfer funds from their wallet using a QR scanner in the app.
Though CZ has big plans for Binance Pay, he joked that the beta launch has been quiet. „If you can find the product, you can try it,“ he said.