- Binance exchange has launched Binance Pay.
- Users can use their crypto wallets to buy.
- Vendors can convert from Binance stablecoin to euros.
Binance, the world’s largest cryptocurrency exchange by trading volume, is not content with just getting people to buy Bitcoin and other coins. It wants to kickstart demand by having people use crypto.
The global stock exchange announced earlier today at its virtual event, Binance Blockchain Week, that last Friday it had launched a beta version of Binance Pay, the answer to PayPal.
“Binance Pay is a contactless, limitless and secure payment technology for cryptocurrency designed by Binance,”
Binance chief Changpeng “CZ” Zhao told the Binance virtual Blockchain Week audience: “We believe payment is one of the most obvious uses for crypto.”
But there have been some challenges, he shared. The biggest difficulty is for sellers to have systems in place to accept currencies that the vast majority of customers do not use. It is only easier to accept cash and credit because people use them regularly.
Binance’s system allows users to pay in crypto, while the seller receives fiat-supported stack coins that can be converted to fiat. (At this time, the product only supports one type of fiat: euro.) CZ said: “This way, the business does not have to swing with crypto.”
The exchange bills Binance Pay as “a basket of products”, which includes the previously revealed Binance card – a debit card that converts users’ crypto to fiat when they make a purchase.
Like the Binance Card, Binance Pay supports five currencies.and both are represented, which is the BUSD of the stock exchange and (BNB), a stock exchange-specific tool token used to pay trading fees and participate in Binance host token sales. Users can also pay with SXP tokens from the credit card company Swipe; Binance bought the company last year.
Unlike the debit card, there is no actual card with Binance Pay – users can transfer money from their wallet using a QR scanner in the app.
Although CZ has big plans for Binance Pay, he joked that the beta launch has been quiet. “If you find the product, try it,” he said.