Binance to rival PayPal with a new crypto payment service

Binance to rival PayPal with a new crypto payment service
фото показано с : invezz.com

2021-2-3 16:57

Over the last few days, as the world was focused on the GameStop short squeeze and Dogecoin price surge, Binance launched its brand new service. The exchange plans for its new payment service to rival PayPal.

Binance quietly launches its response to PayPal

Binance is the world’s largest crypto exchange by trading volume. However, the exchange seems to no longer be satisfied with people simply buying or trading cryptocurrencies.

With its new service, Binance aims to encourage people to spend coins. As a result of actually using Bitcoin for purchases, the exchange expects the money to start flowing even more, and increase the demand along the way.

The exchange announced the launch of its brand-new Binance Pay earlier today, during a virtual event, revealing that it had quietly launched its beta version last Friday.

Details about the new crypto payment service

According to Binance’s website, “Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance.” The announcement further says that the service will allow users to make and receive crypto payments from friends, family, and others, anywhere in the world.

Binance’s CEO, Changpeng Zhao, said that payments are one of the most obvious use cases for digital currencies.

However, the creation of Binance Pay was not without challenges of its own. The biggest problem was to ensure that merchants’ systems would be able to accept cryptos, which are still used only by a very small percentage of the population.

With most people still using cash and credit, merchants have no real incentive to switch to crypto. Furthermore, there is also the matter of volatility. But, Binance solved that by allowing users to pay in any of the supported coins, while the merchants will receive stablecoins that can be converted into fiat currencies.

Like Binance Card, Binance Pay will also only support five cryptos — BTC, ETH, BUSD, BNB, and Swipe’s SXP. However, Binance Pay will not have any card involved. Users will simply transfer funds from their apps via a QR scanner that comes with the Binance Pay app.

The post Binance to rival PayPal with a new crypto payment service appeared first on Invezz.

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new service payment binance rival paypal price

Источник: invezz.com

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