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Binance Payment gateway

What is the goal in setting up the Binance Payment gateway?

  • 3 March 2021
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Binance, one of the reputable crypto exchanges in the world, announced a few hours ago that it launched a beta version of its cryptocurrency payment gateway. Binance announced on the sidelines of Binance Blockchain Week events. The payment gateway name of this exchange is called Binance Pay. This portal allows different businesses to sell their products with these currencies without worrying about the price fluctuations of cryptocurrencies.

According to the Decrypt news, the action of Binance shows that the exchange intends to grow its business beyond buying and selling digital currencies and intends to lead people to use more and more digital currencies.

Binance payment is said to be a competitor for global payment PayPal. Binance wrote in the publication of this news:

BinancePay is a secure, borderless, and cryptocurrency payment technology that is developed by Binance. Binance Pay (beta version) allows you to receive money from your family and friends anywhere in the world using digital currencies.

Binance Payment gateway

Binance Payment gateway

What is the opinion of Binance Exchange about Binance Pay?

Changpeng Zhao, ‌ CEO of Binance Exchange, said at the Binance Blockchain Week event:

We think global payments with cryptocurrencies are the most obvious use of cryptocurrencies. According to Zhao, the most important challenge to the system is for businesses to use currencies that most people do not use.

He believes that it is much easier to accept common fiat currencies; because people use them all the time. So Binance Pay system allows users to make their payments in digital currencies. Businesses, on the other hand, receive stable currencies backed by currencies and can convert them to any currency at any time. It is currently the only common currency supported in the Euro Binance payment system. Zhao said about this:

Under these circumstances, businesses no longer have to deal with fluctuations in cryptocurrencies.

Binance CEO

Binance CEO

What are other Binance products?

According to Binance, Binance is a basket of products. Other products in this basket include the Binance Card. Binance Card is a credit card that authorizes users to make instant purchases.

Like the Binance Card, the BinancePay system supports five digital currencies Bitcoin, Ethereum, Binance Coin, Stable Coin BUSD,‌ and Swipe (SXP). Binance bought the Swipe network last year.

Unlike Binance Card, Binance Pay services do not involve physical cards, and transactions performed using a QC arc scanner within the application. Changpeng Zhao said in connection with the quiet launch of the Binance service:

If you can find this product, you can use it.

 Binance payment card

How does the new Binance payment card work?

Binance has done a lot of work in the field of payment with cryptocurrencies, including providing payment cards to its subscribers since last year. According to dated March 27th, 2020 Binance Cryptocurrency Exchange has released the Binance card so that users can make purchases by cryptocurrencies.

The Binance card acts as a traditional payment or debit card distributed by a bank. For using the Binance card, users must first charge their card by moving deposits via the Binance Card application in Bitcoin or BNB.

Binance has selected Visa as its card supplier company. About 46 million businessmen have admitted the new card online and out of network in 2 hundred areas and domains. Users Card can use the Binance Card to purchase their needs and pay bills online. So for using this card a user doesn’t need to sell his digital currency for paying his bills.

Users can handle and monitor the new Binance card into the interface of an application. The interface Called Binance Card App. So it lets users do their budget, card security and expense with just a few clicks.

2 responses to “What is the goal in setting up the Binance Payment gateway?”

  1. Herve Fodouop says:

    Good to know

  2. Yanga Jili says:

    Wisely said though

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