Users will soon be able to send and receive instant payments with Binance Pay. Does this project contribute to mass adaptation?
Binance, the world’s leading cryptocurrency exchange by trading volume, has released a beta version of a contactless and unlimited crypto payment product called Binance Pay. The exchange will enable its users to send and receive crypto payments worldwide, similar to PayPal.
Presented by the company’s CEO Changpeng Zhao earlier today, Binance will launch its latest product, Binance Pay. The project is currently in beta. CZ said in a statement:
“Binance Pay is a basket product that we plan to spend a lot of time developing this year as we think payments are one of the most used crypto cases.
Users will be able to set up their Pay wallet to spend in their preferred currency of the wallet. For now, the only way to replenish Binance Pay wallet by transferring funds from Binance Spot wallet on Binance.
It is worth noting that the Binance Pay wallet and the Binance Card wallet are actually the same. This means that incoming or outgoing funds will be reflected in the same wallet in the exchange.
In the beta phase, Binance Pay has a daily spending limit of $ 1000 and a maximum of 10 transactions within 24 hours. Limits on buying are $ 5,000 and 10 transactions for the same period.
CZ added that the latest corporate initiative should improve cryptocurrency adoption, as merchants are more willing to receive payments for goods when they are immediately converted to FIAT. At the same time, users will pay directly in crypto, as the conversion will be seamless for both parties.
Binance Light: Binance’s app for beginners
Alongside the Binance Pay announcement, Binance has announced a lighter version of its exchange app targeting new crypto users who are not active traders.
Naturally, it will have fewer options than the change application, but it should work even faster, as noted by Zhao. Some of the features that the light version has are peer-to-peer trading, FIAT gateways, and payment channels, which must meet more than 90% of the company’s user base.
The light version is available for iOS and Android, and users can easily switch to using it.