Binance Adds Merchant Features to Early Version of Payments Platform

Binance Pay now includes merchant functions, allowing businesses to process payments in crypto, online or in-person.

AccessTimeIconMar 12, 2021 at 9:00 a.m. UTC
Updated Sep 14, 2021 at 12:25 p.m. UTC

The Binance exchange is adding new features for merchants to its cryptocurrency payments platform following a beta release in February.

  • Binance Pay now allows businesses to process payments in crypto, online or in-person, via QR codes and a dedicated API, the company said in a blog post Friday.
  • The beta version, which was for peer-to-peer payments only, drew a claimed 250,000 users.
  • The Pay platform supports more than 30 cryptocurrencies, including bitcoin, ether, dogecoin and BNB, as well as five fiat currencies: the Australian dollar, Brazilian real, euro, U.K. pound and Turkish lira.
  • Founder and CEO Changpeng "CZ" Zhao previously described payments as the "most obvious use case for crypto."
  • With Binance Pay charging no fees, CZ said Friday, “Traditional payment infrastructure services are riddled with high transaction fees; we see this Pay product as a way to solve one of the many issues and limitations of traditional finance."
  • Binance's first merchant client on the platform is Travala, a travel-booking platform that already uses its own cryptocurrency.
  • Merchant payments services like this generally allow businesses to automatically convert their crypto to fiat at the time of a transaction to counter price volatility.
  • However, a Binance spokesperson told CoinDesk that with Pay, "Merchants can manage the payouts by moving their balances to the Binance spot wallet and cashing out using their preferred banking channel."

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Remember ICOs? You Would Have Made a Fortune if You HODLed; Bitcoin Slogs Toward $20K

Investors who purchased a breadbasket of blue chip coin offerings about five years ago would have generated an 819% return, even with the current bear market; most cryptos fell in Tuesday trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
Compass Mining Seen Losing Maine Facility After Failing to Pay Power Bill

The most valuable crypto stories for Tuesday, June 28, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
Crypto Jobs: Who’s Cutting and Hiring?

A running reckoning to layoffs and hirings in the cryptocurrency/blockchain industry.

CoinDesk - Unknown
4
CoinDesk - Unknown
Governments May Restrict Foreign Access to Their CBDCs, Riksbank Official Says

Not all countries “play nicely” with each other, complicating how central bank digital currencies will interact with other payment systems, said Cecilia Skingsley, first deputy governor at the Swedish central bank.

CoinDesk - Unknown