Binance Unveils PayPal Competitor, Binance Pay with BTC, ETH, BNB

Share Article
In Brief
  • Binance is launching a payments service called Binance Pay to rival the likes of PayPal.

  • The move comes as PayPal and other traditional payments service platforms ramp up their crypto activity.

  • Binance Pay adds to an ever growing list of product launches for the world's top cryptocurrency exchange.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Binance is launching a payments application called Binance Pay, which will directly compete with the likes of PayPal.

Sponsored



Sponsored

CZ’s at It Again

On Wed 3 Feb, the Binance exchange announced the new service. The world’s largest crypto exchange by volume said the platform would allow users to get paid in cryptocurrency worldwide.

The application, made for mobile devices, features an in-built cryptocurrency wallet and the ability to link to the firm’s own Binance Card. The app also includes the popular QR-code generator, allowing users to pay each other with a simple scan.

Sponsored



Sponsored

At launch, the app will support five cryptocurrencies and one fiat currency: BNB, BUSD, BTC, ETH, SXP, and EUR. Users can buy these on the exchange platform after which, it’s only a simple transfer to the Binance Pay app. Binance Pay is currently in beta.

The Payments Market Heats Up

The launch comes amid a flurry of mainstream entrants into the cryptocurrency payments market. Payment giant PayPal announced towards the end of last year that it would allow its users to exchange cryptocurrencies on its platform.

This marked a change of direction for a company that has traditionally been hostile towards the crypto market. Nevertheless, PayPal saw record use of its platform for cryptocurrency exchange. Over $242 million worth of cryptocurrencies traded in just 24 hours at one point.

Moreover, in an earnings call last week, Visa CEO Al Kelly signaled the payment processing giant’s potential support for cryptocurrencies.

“We [Visa] are uniquely positioned to help make cryptocurrencies more safe, useful, and applicable”

Today, Visa compounded expectations following this signal after it announced plans to help launch cryptocurrency trading and buying services in a new pilot scheme.

Binance and CZ the Innovator

If the cryptocurrency payments sector is heating up in terms of development, Binance is on fire. Last year, the top-cryptocurrency exchange launched Binance Launchpool, its own staking platform.

It allows users to stake BNB and earn other newly launched tokens and established DeFi tokens. The company also launched its Binance Smart Chain (BSC) platform, an alternative to Ethereum (ETH) for building decentralized applications (dApps).

BSC made headlines a few weeks ago after data revealed decentralized exchanges (DEX) built on the platform were 49 times cheaper to use than Ethereum-based DEXs.

If Binance continues adding products at this speed, its objective to “exchange the world” might soon become true.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join