Binance Secretly Launches Its Crypto-Based Binance Pay

Binance secretly launches its crypto-based beta version of Binance Pay that is actually a direct competitor to PayPal so let’s find out more about it in our latest Binance news.

The crypto exchange has high hopes for its new platform that is now in beta mode and users will be enabled to use their crypto wallets and make purchases. The vendors can convert from the Binance stablecoin to the EUR. The biggest crypto exchange in the world was not happy with only having people buying BTC and other coins. With Binance Pay, it aims to kickstart the demand by having people actually use crypto. The global exchange announced during the Binance Blockchain Week event that it launched a beta version of Binance Pay. Binance secretly launches its new product which is a direct competitor to Paypal:

“Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance. Binance Pay (beta) allows you to pay and get paid in crypto from your friends and family worldwide.”

Binance’s CEO Changpeng Zhao said during the event that “We think that payments are one of the most obvious use cases for crypto.” However, the platform encountered some challenges and the biggest difficulty is for the merchants to have a system where they can accept currencies that most of the customers don’t use. It’s easier to start accepting cash because people use them every day. Binance’s system allows users to pay in crypto while the merchant receives stablecoins that can be easily converted into fiat.

The exchange sees Binacne Pay as a basket of products that will include the previously unveiled Binance Card which is a debit card that converts users’ crypto to fiat when they make purchases.  Binance Pay supports five currencies including BUSD, Binance Coin, Bitcoin, Ethereum, and an exchange-specific utility token to pay trading fees and will take part in the token sales. The users can pay with SXP tokens from Swipe as the exchange purchased the company last year. Unlike the debit card, there’s no card here so users can transfer funds from their wallet with a Q3 scanner in the app. CZ has big plans for his app and said:

“If you can find the product, you can try it.”