In a press release today, one of the leading crypto exchanges, Binance has announced the launch of its payment app, supporting 30 fiats and allowing both fiat and crypto payments. Along with supporting merchant-based transactions being the highlighted feature that will come with the alpha launch, Binance Pay will support the traditional functions that come with a payment app and allow both online and in-person payment using QR codes. During the beta version of the payment app launched in February 2020, Binance claims that almost 250,000 users signed on to the app. Although the app only supported peer-to-peer transactions in the beta version of the app. Zero Transaction Fee on Binance Pay Another ground-breaking function that will follow in the course of Binance Pay is that the app will allow its users to make global transactions without any fees charged. The app supports more than 30 currencies while using the three largest digital currencies by market cap- Bitcoin, Ethereum, and Binance Coin to allow transactions. Addressing the troubled system of current payment services with high transactions fee, Changpeng Zhao, CEO of Binance said, “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.” Allowing People to Live in Crypto Famously known as one of the giants among global cryptocurrency exchanges in the market, Binance has proven itself to make a series of continuous and rigorous strides in widening the horizons of services offered including mining pool services and crypto debit cards. With the increased retail interest in the crypto world, payment service is the best step forward to expand into crypto services. Addressing his vision of further developing into the crypto world, the CEO of Binance added, “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.”
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