Binance Pay Launches Borderless Zero-Fee Crypto Payments
- Binance Pay’s new features support payments in over 30 fiat and crypto currencies.
- Merchants and users can choose the order of coins they want to use.
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After launching Binance Pay’s beta at the beginning of February, the exchange is now officially introducing the Binance Pay and its Merchant functions. According to Binance’s announcement, the features will enable users to pay, send, and receive cryptocurrency payments around the world without incurring any fees.
Users and merchants are able to choose their preferred payment options and select the order of cryptocurrencies they want to use. Users can also instantly move funds between their Binance Pay and personal Spot wallet, or withdraw funds to their bank of choice, Binance explained in the announcement. Binance Pay currently supports more than thirty fiat and cryptocurrencies, including EUR, GBP, BTC, ETH, ADA, DOGE, PAX, USDC, and USDT.
Binance Pay’s Merchant APIs allow businesses to process online or in-person payments using QR codes, providing users with a seamless payment experience that is settled almost immediately. The first major merchant to integrate Binance Pay is the online booking platform Travala.com.
“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,” Changpeng Zhao said.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.