Binance launched a digital currency payment gateway

Binance, one of the largest exchanges in the world, announced a few hours ago on the sidelines of the “China Blockchain Week” event that on Friday it launched a beta version of its own payment gateway called Binance Pay. This portal allows different businesses to sell their products in these currencies without worrying about price fluctuations in digital currencies.

According to the script, Binance,s move shows that the exchange intends to grow its business beyond buying and selling digital currencies and intends to lead people to use more and more digital currencies. Binance is said to be the exchange’s response to PayPal.

In his announcement, he writes:

Binance Pay is a borderless, secure, digital payment currency technology developed by Binance. Binance Pay (beta version) allows you to receive money from your family and friends anywhere in the world using digital currencies.

Changpeng Zhao, ‌ CEO of the exchange, said at the China Bainance Block Week event:

In our opinion, payments are one of the most obvious uses in the field of digital currencies.

However, according to Zhao, this has faced challenges. Businesses have the biggest problem, because they have to have a system that accepts currencies that most of their customers do not use. Accepting cash and credit cards is much easier because people use them all the time.

The new Binance system allows users to make payments in digital currencies, while traders receive stable currencies backed by current currencies and can convert them into a common currency at any time. Of course, it is currently the only common currency supported in the Euro Binance payment system. Zhao said about this:

With this method, their business no longer needs to be associated with digital currency fluctuations.

According to Bainance, Bainance is a basket of products. Other products in this basket include Bainance Card. Bainance Card is a credit card that allows users to make instant purchases.

Like Binance Card, the BinancePay system supports 5 digital currencies Bitcoin, Atrium, BinanceCoin, StableCoin BUSD‌ and Swipe (SXP). Bainance bought Swipe last year.

Unlike Binance Card, Binance Pay services do not involve physical cards and transactions are performed using a Q-code arc scanner within the application.

Changupeng Zhao said in connection with the quiet launch of the Binance service:

If you can find this product, you can use it.