There is a scramble for cryptocurrency in different parts of the world, and its popularity is spreading really fast. This is attributed partly to the pandemic that rocked the world, as more people began to spend more time online. With the rise in online commerce comes the need for people to make quick and seamless payments and transactions. Furthermore, there seems to be an alignment between traditional banking systems and digital currency with respect to the fourth industrial revolution. Cryptocurrency exchanges are evolving fast to meet the increasing demands of crypto users in different parts of the world.
Binance And Its Expansion
One of the largest and most popular crypto exchanges in the world is Binance. The platform is extending its business and exchange tentacles into financial payments. In a recent development, the platform made a payments app available in public alpha.
The app called “Binance Pay” will facilitate crypto payments in a peer-to-peer manner, and it is contactless. There was an initial soft launch that allowed about 200,000 crypto users access to use the app. However, this new launch is available for anyone to download and use. It also offers a feature for merchant trades.
This is one of the most obvious use case of #crypto, but so far haven't been very successful. Here is our attempt at it.
» What is Binance Pay?https://t.co/F5qHjj6m0d
— CZ 🔶 Binance (@cz_binance) March 12, 2021
There are no limitations to the service’s jurisdictions, as all verified users of Binance are eligible to use the service. Basically, anyone looking to use Binance Pay has to join the Binance platform and complete the verification processes.
It may interest you to know that the service supports over 30 types of digital assets including BTC, ETH, BNB, and others. The service also has support for fiat currencies like the British pound, Euro, Australian dollar, and more.
According to Changpeng Zhao, Binance CEO, the service comes with a zero-fee payment structure. These zero-fee transactions were put in place to deal with different limiting issues plaguing traditional banking and finance. He believes that there is a paradigm shift in finance towards a crypto-based economy that favors the majority.
The Future Of Payments
It is amazing to see so many payment systems coming up in different parts of the world. These payment systems are looking to bring ease to global payments, especially with the new trend in online commerce. Soon there will be so many options for crypto users to choose from.
Mastercard announced in February that it was making plans that would enable its users to transact with crypto. Visa has also made it known that it is committed to supporting cryptocurrency payments for its global user base
PayPal is not left out of the trend – they are also making crypto payments available to its users. Interestingly, PayPal started a crypto trading feature exclusive to the U.S. back in 2020. Paypal has already publicly stated that they see a massive shift into cryptocurrencies.
The stage is set for the future of payments, and it looks like crypto is at the core of these payment systems.
It is obvious that the future of payments is digital, and companies, businesses, and organizations have begun to align digitally. The possibilities are endless with these payment systems, as they evolve into much better and stable payment platforms.
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