The world’s leading cryptocurrency exchange by trading volume, Binance, has launched a beta version of a contactless and borderless crypto payments product by the name of Binance Pay. The exchange will enable its users to send and receive crypto payments worldwide, similarly to PayPal.
The Crypto PayPal?
Presented earlier today by the company’s CEO, Changpeng Zhao, Binance will launch its latest product – the Binance Pay. Currently, in a beta stage.
“Binance Pay is a basket product that we plan to spend quite a lot of time developing this year as we think that payments are one of the most used cases of crypto.” – said CZ during a live AMA session.
Users will be able to set up their Pay wallets in a way that the wallet will spend their preferred currencies. For now, the only way to top up the Binance Pay wallet by transferring funds from the Binance Spot wallet on Binance.
It’s worth noting that the Binance Pay wallet and the Binance Card wallet are actually the same. Meaning that incoming or outgoing funds will be reflected in the same wallet on the exchange.
During its beta stage, Binance Pay is restricted to a daily spending limit of $1,000, and a maximum of 10 transactions in 24 hours. Regarding receiving, the limits are $5,000 and 10 transactions for the same period.
CZ added that the latest company initiative should enhance cryptocurrency adoption as merchants are more willing to receive payments for goods when they are converted immediately into FIAT. Simultaneously, users will pay directly with crypto as the conversion will be seamless for both parties.
Binance Light: Binance’s App For Newbies
Apart from the Binance Pay announcement, Binance announced a lighter version of the exchange’s application aimed at newer crypto users who are not active traders.
Naturally, it would have fewer options than the exchange app but should work even faster, as stated by Zhao. Some of the features the light version will keep are peer-to-peer trading, FIAT gateways, and payment channels, which should satisfy over 90% of the company’s userbase.
The light version is available for iOS and Android, and users can easily switch to using it.