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Crypto exchange Binance launches payments app in public alpha.

Crypto exchange Binance US is suspending XRP trading for its customers effective next month after the US SEC filed a lawsuit against blockchain firm Ripple.


The world’s leading crypto exchange Binance has released its payments app, Binance Pay, in public alpha. The payments app is a contactless peer-to-peer cryptocurrency payment feature that lets users send and receive payments in cryptos like Bitcoin (BTC). The crypto exchange initially rolled out Binance Pay in a soft launch in February 2020 for P2P payments, enabling 250,000 users to interact with the product, as reported by Cointelegraph. 

 

The new payments app would be available to all Binance users. 

Binance Pay is launching in alpha with new features like merchant-based transactions and is available to all users. A spokesperson for Binance revealed that the new service is not limited to certain jurisdictions and is “currently available to all eligible users on Binance.com.” In order to get started with Binance Pay, users need to sign up on Binance and complete their identity verification. “Users need to go to the Pay function on their Binance app to initiate the Pay account to start using the service. Once activated, users can fund their Pay wallet by moving funds from the spot wallet,” the representative explained.”

 

Binance Pay supports more than 30 cryptocurrencies.

The new payments app supports more than 30 cryptocurrencies, including Bitcoin, Ether, Binance Coin, and supports five fiat currencies, including the euro, British pound, Australian dollar, Brazilian real, and Turkish lira. Binance CEO 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.”



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