Binance Pay comes with merchant features to boost adoption
Leading cryptocurrency exchange Binance is adding merchant features to the early version of its payment platform. The merchant features would allow businesses to process payments in cryptocurrencies, either online or in-person.
Binance released the beta version of the payment platform in February. The exchange published a blog post yesterday saying businesses can process payments in crypto, online or in-person, using QR codes and a dedicated API.
The exchange said, “Following the soft launch of Binance Pay last month, the service now features the Pay and merchant functions allowing users to pay, send and receive crypto payments around the world without incurring any fees.”
Payment features to help boost adoption
The Pay features would enable payments to occur in an easy, convenient, and secure manner. Achieving these would make cryptocurrencies more part of people’s daily lives, boosting their adoption and utility.Binance CEO Changpeng Zhao said, “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.”
The new platform allows users and merchants to choose their preferred payment options. Binance Pay currently supports over 30 cryptocurrencies, including Bitcoin, Ethereum, and BNB. “With Binance Pay, users can select the order of the currencies in which they wish to make payments. Users can instantly move funds between their Binance Pay and personal Spot wallet or withdraw funds to their bank of choice,” the blog post added.
Travala, a travel-booking platform, is the first merchant client on the Binance Pay app. These types of merchant payment services allow businesses to instantly convert their crypto to fiat at the time of a transaction to eliminate price volatility.
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