According to 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. Currently, the only way to top up the Binance Pay wallet by transferring funds from the Binance Spot wallet on Binance.
It’s important to note 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.
As reported by Cryptopotato, 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 also 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. At the same time, users will pay directly with crypto as the conversion will be seamless for both parties.