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| hopes to entice merchants to use the Binance payment platform |
Binance, a cryptocurrency platform, hopes to enable more people to use the cryptocurrency through new payment services.
Since the beta release of the Binance Pay platform last month, the service now contains payment and merchant functions that allow users to pay, send and receive encrypted payments all over the world without fees.
Binance introduced this payments feature to make payments easy, convenient and secure, and to make crypto an important part of people's daily lives to increase penetration and sales.
“Binance Payment is another step towards future payment methods and realizes more potential benefits that digital currency freedom brings,” said Changpeng Zhao, Binance Founder and CEO.
According to the platform's new product page, Binance Pay (currently in beta) allows users to make offline and unlimited cryptocurrency payments between users around the world.
Binance founder and CEO stated at a virtual event of Binance Blockchain Week that Binance Pay is a shopping cart and the company plans to invest a lot of energy this year.
He added: We believe that payments are one of the most obvious use cases for cryptocurrencies, and this initiative is about enabling people to use the cryptocurrency, not just keeping it.
Binance Pay supports more than 30 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin and BNB, as well as five legal currencies: the Australian dollar, Brazilian real, euro, British pound and Turkish lira.
Users need to fill out their Binance Pay wallet (along with the Binance Card Wallet) in order to make a payment. Upon payment, a QR code is generated that the recipient can scan to receive their money.
The founder and CEO of Binance said, "Traditional payment infrastructure services are fraught with high transaction fees. We believe this product is a way to solve one of the many problems and limitations imposed on traditional financing."
“Funding goes into the digital world and the economy, where coding is prominent in this change that will benefit the world's greatest needers,” he added.
Retailers face challenges due to price fluctuations and low acceptance rates. However, with the new platform, traders can decide whether they want to accept stablecoins based on the coin (previously only in their native currency) so that they are not affected by price fluctuations.
In addition, users can pay in cryptocurrency directly, so that users can stay fully in the cryptocurrency.