Binance has reportedly rolled out its payment project Binance Pay in public alpha, which will function as a contactless P2P crypto payment solution, facilitating crypto sending and receiving activities.
Specifically, Binance reportedly made its new payment solution available via a soft release in February last year dedicated to P2P payments, facilitating engagement for 250,000 users with the product.
Now, Binance Pay is reportedly being released in alpha with added functions, nominally merchant-based transactions, and is available to all users.
A Binance representative reportedly remarked that the scope of the new service is not confined with particular jurisdictions, and is “currently available to all eligible users on Binance.com”.
To use Binance Pay, users will reportedly have to complete the registration process on Binance and finalize 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,”
Binance Pay reportedly has facilitating features available for over 30 crypto coins, including Bitcoin, Ether (ETH), Binance Coin (BNB), and supports five fiat currencies including the euro, British pound, Australian dollar, Brazilian real, and Turkish lira.
“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.”
Payment heavyweights are reportedly more and more acknowledging crypto potential. In February 2021, Mastercard reportedly disclosed its initiative to enable its almost one billion users to spend cryptocurrencies in 2021.