The world’s largest crypto exchange platform Binance has launched the Binance Pay beta which allows users to pay and get paid in crypto.
According to the statement on the Binance website, ‘Binance pay is a contactless, borderless and secure cryptocurrency payment technology.’ This implies that the service will be open to all nations where Binance operates. “Binance Pay (beta) allows you to pay and get paid in crypto from your friends and family worldwide.”
The new system supports five cryptocurrencies BNB, BUSD, BTC, ETH, SXP, and one fiat EUR.
The statement also added that Binance Pay users can only receive up or pay up to a maximum of “10,000 USD (equivalent) or 10 transactions in 24 hours,” and will not be able to transfer such funds to other wallets after 24 hours.
Meanwhile, the CEO of payments giant Visa Al Kelly said that the company may add cryptocurrency to its payment network to enable users to purchase cryptocurrency and make fiat payments with their Visa cards wherever the cards are in operation in the world.
“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” said Kelly.
Binance move might seem they are ahead of Visa. Binance said at its virtual event, Binance Blockchain Week, that it had secretly launched the beta version of Binance Pay on Friday.