The popular and recognized cryptocurrency exchange Binance has announced that they are rolling out the alpha version of their new payment and merchant program called Binance Pay.
Announced and launched last month, the new Binance Pay solution is now available for users of the Binance app in alpha version. The new app includes both the Pay and the merchant functionalities.
Binance Rolls Out Binance Pay
Binance is releasing its Binance Pay solutions to allow merchants to process transactions and also for users to send peer-to-peer payments. This is one of the latest projects announced by Binance. The exchange continues expanding and increasing the number of users.
During the beta phase, there have been close to 250,000 users that tried the application and tested the features offered by Binance Pay. The goal is to help increase crypto adoption and become a reference company in terms of crypto payments.
What is Binance Pay?
Binance Pay is a platform launched by the Binance exchange that enables users to receive payments in cryptocurrencies. This is definitely one of the best options for merchants that want to receive payments and process crypto transactions.
Merchants are now able to receive payments in more than 30 cryptocurrencies supported by Binance. Users that adopt the Binance Pay platform can easily get paid in Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), and many other digital assets.
At the same time, Binance Pay users can select the coins in which they prefer to receive the payments. They can move the funds between Binance Pay and the personal wallet. This allows them to have control over their funds at all times. Additionally, they can also withdraw the funds to their bank of choice.
The Binance Pay platform has been created for both online and in-person payments that can now be processed with digital currencies. As the cryptocurrency market expanded all over the world in recent years, there is also a large number of individuals that want to use them to pay for goods and services. The Binance Pay platform is a step in this direction.
Some of the businesses that could work with the newly released Binance Pay platform include restaurants, online shopping sites and more. In this way, users will have a seamless experience while paying in digital assets. Travala.com is one of the most popular sites working with the Binance Pay solution and the first to integrate it.