With the release of this new app from Binance, the behemoth exchange is showing an interest in the payment side territory, looking to increase its overall reach.
The app is still in an alpha stage which means that it is not near to being finish. Usually, apps release beta versions for the public, but Binance has released Binance Pay in the alpha stage so they can gather more user feedback and improve upon every aspect they have included in the app.
Bugs will also be highlighted by the community which will help the developers find them and fix them accordingly. Even in its Alpha stage, Binance Pay has been released to all users that are verified Binance.com supporters. The verification process is done through user collected data from login details. Users will also be able to move assets to and from the app.
As of now, Binance Pay supports over 30 cryptocurrencies including the top cryptocurrencies in the world such as Ethereum, Bitcoin etc. Binance Pay is expected to support even more cryptocurrencies as the market is getting filled with a new type of crypto every month. In terms of regular currency, Binance pay currently supports British Pound, Euro, Australian Dollar and a few others.
CEO of Binance, Changpeng Zhao believes that high transaction fee is the reason why there are many problems in the traditional market. By implementing a fair use no fee structure, it can help in solving many problems in the market, making trading much easier and more accessible. Adding to that, Zhao also mentioned that the world is now starting to change in terms of an economical trend where cryptocurrency is starting to become the sole method of performing transactions, helping digitization of trade.
This Major change in the market has also influenced one of the biggest payment processing giants, such as MasterCard and Visa. Both of them have started to show their involvement in crypto. Mastercard has planned to enable the use of cryptocurrency among users, with Visa also assuring its decision to accept crypto payments.
Many huge companies and organizations have started to implement cryptocurrency into their payment options. Electric car behemoth Tesla invested around $1.5 Billion in light of adding cryptocurrency as a payment method to purchase cars. PayPal is also looking into crypto payment methods for their system to gain a greater level of exposure into the market, attracting many more users, investors and traders.