Crypto exchange giant Binance has introduced the Pay and merchant functions to its Binance Pay payment app following the launch of the beta version in February.
According to a blog post by Binance, Binance Pay is a contactless, borderless and secure user-to-user cryptocurrency payment feature that allows users to pay, send and receive crypto payments around the world without incurring any fees.
The new merchant feature supports merchant-based transactions and allows businesses to make payments using over 30 cryptocurrencies and five fiat currencies without charging any fee.
Some of the cryptocurrencies Binance Pay supports are Bitcoin, Ethereum, BNB, Dogecoin, while the fiat currencies are UK pounds, Australian dollar, Brazilian real, euro and Turkish lira.
With Binance Pay Merchant API, businesses can process online payments or in-person payments using QR codes.
The current price of bitcoin is $55,764.35, dropping by 1.48% in the last 24 hours. Bitcoin’s current market cap of $1.04T and market volume of $60.70B. In the last 24 hours, bitcoin has dropped to $53,101.24 and experienced a 24 hours high of $55,812.33. Currently, 18,651,781.25 bitcoins are in circulation.
Stats and Image from Coin Desk
The CEO of Binance Changpeng Zhao said the new feature for merchants will solve high transaction fees issues of traditional payment systems.
“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. Finance is truly moving towards a digital world and economy where crypto is at the crux of this change which benefits the larger global population that needs it,” he said.