Binance, the largest crypto asset trading platform in the world, has announced Binance Pay – a new payment feature of the Binance App. Binance Pay had been in soft launch for the past month and is now available for all users following a beta period that kicked off last February. Binance Pay is a crypto payment service that allows users to send and receive crypto payments fee-free.
Binance CEO Changpeng Zhao issued the following statement:
“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. 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.”
During the beta phase, Binance reports that about 250,000 users used Binance Pay.
Binance Pay will also allow users to select different payment options including 30 different cryptocurrencies. Binance Pay’s Merchant APIs also enable businesses to process online payments or in-person payments using QR codes.
Binance said that due to the demand for Binance Pay Merchant program’s it is currently available on a first-come, first-serve basis.