Binance Pay, the company’s payment app, is now available in public alpha. The software is a contactless peer-to-peer cryptocurrency payment system that allows users to send and receive payments in digital currencies such as Bitcoin (BTC).
Binance Pay was first released in a soft launch for P2P payments in February of this year, allowing 250,000 users to connect with the product. Binance Pay is also available to all consumers in alpha, with additional features such as merchant-based transactions.
According to a spokesperson for Binance, the new service is “currently available to all eligible users on Binance.com” and is not limited to exclusive jurisdictions. Users must first sign up for Binance and complete their identity verification before they can access Binance Pay.
“Users need to go to the Pay function on their Binance app to initiate the Pay account to start using the service. Once activated, users can fund their Pay wallet by moving funds from the spot wallet,” the representative explained.
According to cointelegraph.com, Binance Pay accepts over 30 cryptocurrencies, including Bitcoin, Ether (ETH), and Binance Coin (BNB), as well as five fiat currencies: the euro, British pound, Australian dollar, Brazilian real, and Turkish lira.
The zero-fee structure, according to Binance CEO Changpeng Zhao, may help fix the limitations of fiat-based payment networks: “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.”
Cryptocurrency’s potential is gradually being recognized by major legacy payment companies. Mastercard, one of the world’s biggest payment firms in traditional finance, revealed in February that by 2021, its almost one billion users would be able to spend cryptocurrencies. In January, its biggest competitor, Visa, reaffirmed its commitment to crypto payments and fiat onramps.