The Binance cryptocurrency exchange has launched a beta version of the Binance Pay service for payments in five cryptocurrencies: BTC, ETH, BUSD, BNB, and SXP. The exchange sees its payment service as a potential competitor to PayPal.
The beta version of the service was launched last Friday for testing purposes. But the official announcement of the beta version was made at the virtual event of Binance Blockchain Week.
Binance CEO Changpeng Zhao said that:
Binance Pay is a contactless, secure and borderless technology for making cryptocurrency payments.
The service supports five cryptocurrencies: BTC, ETH, BUSD, BNB, and the SXP token. Binance Pay users can transfer crypto assets from their account using a QR code through the app. According to Zhao, the service allows you to pay for purchases with crypto assets and make money transfers around the world.
The head of Binance said that the exchange is not going to be limited to trading only. He believes that payments are one of the most obvious options for using cryptocurrencies, so he intends to stimulate demand for digital assets.
The Binance pay will allow users to pay with cryptocurrencies, and sellers will receive stablecoins backed by fiat currency (currently only Euro). In this case, sellers will not be exposed to the risk of cryptocurrency volatility.
According to Zhao, the service was developed as a response to the payment company PayPal, which provided an opportunity for US citizens to buy, sell and store cryptocurrencies. According to Nomics, since the beginning of January, the volume of Bitcoin trading on PayPal has increased by 950%.
Last year, Binance launched the Binance debit card in the European Economic Area (EEA). The card also supports BTC, BNB, SXP, and BUSD.