Cryptocurrency exchange Binance has introduced an alpha version of its own payment service.
Binance Pay’s new feature allows users and merchants to choose payment options and receive or send cryptocurrency without commissions. The service supports over 30 assets.
The company said the update will help integrate digital assets into everyday life and promote their mass adoption.
“The classic payment infrastructure is riddled with high transaction fees. We see this product as a solution to one of the many problems and limitations of traditional finance, ”said Binance CEO Changpeng Zhao.
In February 2021, the exchange launched the beta version of Binance Pay . Registered users have gained access to the service. Creating a new account required a KYC procedure.
Initially, Binance Pay supported the native token of the BNB platform, the Binance USD stablecoin (BUSD), Bitcoin (BTC), Ethereum (ETH), the euro, and the Swipe (SXP) bank debit card issuer ecosystem coin.
Recall that in July 2020, Binance acquired Swipe and received a portion of the SXP tokens.