As a prominent crypto exchange Binance has spread its wings in the peer-to-peer stream and with its app is hoping to dominate the P2P market. It carried a soft launch of the Binance Pay app in February 2020 for P2P payments. It allowed 250,000 users to use and review the product. After nearly a month, Binance has introduced the app in alpha available to all users, with added features like merchant-based transactions.
According to the CEO, Chanpeng Zhao AKA CZ:
“Binance Pay will be part of our long term development to complete the crypto journey and allow people to live in crypto, especially with digital payments being an integral part of everyone’s daily lives.”
The service is available on the Binance app and users will be able to fund their pay wallets by moving funds from the spot wallet. It currently supports over 30 cryptocurrencies including the largest crypto, Bitcoin [BTC], and the largest altcoin, Ethereum [ETH]. Apart from crypto, the service supported five fiat currencies including 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.”
This adds to the already competitive payments market. Prominent traditional payments firms like Mastercard have been seen shifting focus to crypto and recently announced its plan to introduce crypto to its large set of users, while Visa was also on-board with adding crypto in 2021.