Bainance Exchange, one of the largest digital currency exchanges in the world, has just announced the release of an alpha version of its payment system called Binance Pay.
to the the report Coin Telegraph, Binance Digital Currency Exchange, has released a public version of its alpha payment system called Binance Pay. This app is a peer-to-peer digital currency payment feature that allows users to make their payments and receipts with digital currencies such as Bitcoin.
Bainance first unveiled the introductory version of Bainance Pay in February 2020 for peer-to-peer payments. At this stage, 250,000 users were able to use the features of this product. The alpha version of BinancePay has now been launched with new features such as acceptor-based transactions and is available to all users.
A Bainance spokesman said the new service was not limited to a specific jurisdiction and was now available to all eligible Binance.com users. To get started with BinancePay, users must first sign up for Binance and complete their authentication process.
A Bainance spokesman also said:
To start using their Pay account, users need to refer to the Pay option in the Bainance application. Once activated, users can top up their Pay wallet by transferring funds from their regular wallets.
Bainance Pay supports more than 30 digital currencies including Bitcoin, Ethereum, Ether and Bainance Coin, as well as 5 Fiat currencies including Euro, British Pound, Australian Dollar, Brazilian Real and Turkish Lira.
Changopeng Zhao (Changpeng ZhaoBainance CEO claims that the fee-free structure can help address the weaknesses of Fiat-based payment networks. “It simply came to our notice then.
Traditional payment infrastructure services have a lot of transaction fees. We look at the Pay product as a way to solve one of the many limitations and problems of traditional finance. Finance is really moving towards a world and digital economy where digital currencies are at the heart of this change and benefit the larger global population that needs it.
Traditional major payment companies are increasingly recognizing the potential of digital currencies. In February, MasterCard, one of the world’s largest payment companies in traditional finance, announced plans to adopt digital currencies so that nearly one billion users would be able to access the company’s digital currency services by 2021. Benefit. Visa, MasterCard’s biggest competitor, also officially confirmed in January that it was committed to accepting digital currency-based payments and buying digital currencies with Fiat currency.
Digital payment giant People also announced in early February that the company was looking to offer digital currency payments across its platform. The payment company began trading digital currencies in the United States in November 2020.