| Developers: | Binance |
| Date of the premiere of the system: | March 2021 g |
| Branches: | Financial services, investments and auditing |
2021: Launch of the cryptocurrency payment system Binance Pay
On March 12, 2021, Binance, which is considered the world's largest cryptocurrency exchange, announced the launch of its own payment system. We are talking about a service called Binance Pay, which allows the user to send and receive bitcoins and other digital currency.
The application supports five cryptocurrencies: in addition to the Bitcoin mentioned above, it is the "ether" (ETH), the BUSD steeblockin, the internal BNB coin and the SXP token of the Swipe project, purchased by Binance in 2020. Binance Pay users can transfer crypto assets from their account using a QR code through the application.
 | The classic payment infrastructure is riddled with high transaction fees. We consider this product as a way to solve one of the many problems and restrictions of traditional finance, "said Binance CEO Changpeng Zhao, commenting on the launch of Binance Pay. |  |
According to him, Binance does not intend to be limited to one trade. He believes that payments are one of the most obvious options for using cryptocurrencies, so he intends to stimulate the demand for digital assets.
Beta version of Binance Pay has been available to crypto exchange users since February 2021. During the month of testing the product, about 250 thousand customers took advantage of its capabilities.
In March 2021, the service became available for payment transactions, and several large Internet sites, restaurants, etc. have already connected to it.
The first company to integrate Binance Pay was Travala.com. Its customers can book over 3 million tourist products using cryptocurrency.
A Binance spokesman told Cointelegraph that the work of the new service is not limited to certain jurisdictions and by March 12, 2021 "is available to all users on the Binance.com." To start with Binance Pay, you must register with Binance and complete the verification process.[1]
Notes
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