Binance, the world’s largest cryptocurrency exchange by trading volume, has quietly launched the beta version of ‘Binance Pay’. Binance Pay is intended to rival PayPal. Binance Pay is a retail app that will allow users to make “contactless, borderless, and secure ” crypto payments.
“Binance Pay (beta) allows you to pay and get paid in crypto from your friends and family worldwide”.
Binance is not only making it easy for people to buy crypto, but also creating a demand for it by having people actually use crypto. During 2020, the crypto exchange launched a crypto debit card that converts users’ crypto into fiat whenever they make a purchase.
Similar to the Binance Card, Binance Pay supports five cryptocurrencies including: Bitcoin, Ethereum, Binance Coin, Binance’s stablecoin (BUSD) and SPX tokens from the credit card company, Swipe, which Binance purchased in 2020. At this point, Binance Pay only supports one type of fiat: The Euro. The range of fiat currencies supported will likely increase as and when the product officially launches.
According to a blog post, Binance Card and Binance Pay will share the same wallet. Both incoming and outgoing transactions for Binance Pay and Binance Card will take place within the same wallet.
In order to pay someone using Binance Pay, a user will simply need to scan the Binance Pay QR code provided, using the Binance App. Payment will then be deducted from the user’s balance according to the order they have set in the token list. The receiver will then receive the payment in the currency that they have selected.