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.