Binance is the world’s largest cryptocurrency exchange by trading volume.

Binance isn’t just getting people to buy and trade Bitcoin and other cryptocurrencies.

Rather, it wants to get people to use cryptocurrencies in their daily lives.

This morning, Binance announced at its “Binance Blockchain Week” virtual event that a beta version of “Binance Pay” was launched last Friday.

It is an outright response to the recent move by PayPal, which also announced support for cryptocurrencies in payments between users.

According to what is stated in Official Website For Binance, the following:

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Binance Pay is a borderless and secure cryptocurrency payment technology designed and developed by Binance.

Binance Pay (beta) allows you to pay and get paid in cryptocurrency from your friends and family all over the world.

Binance CEO CZ interacted and told the audience attending the “Binance Blockchain Week” event stating:

We believe that payments are one of the most obvious use cases for cryptocurrencies.

But he said that the process faces some challenges, with the biggest difficulty that traders face in putting in place systems to accept cryptocurrencies that the vast majority of customers do not use.

As opposed to accepting cash and credit because people use it regularly.

Binance allows users to pay with cryptocurrencies, while merchants receive cryptocurrencies backed by legal fees that can be converted into fiat currencies.

(In this beta phase, the app supports only one type of fiat currency: the Euro.)

CZ said:

This way the business does not have to fluctuate with cryptocurrencies.

The new Binance Card, which was revealed earlier, will be linked to the new Binance Pay service and app.

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Like the Binance Card, the Binance Pay app will support five cryptocurrencies:

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• Bitcoin
• Ethereum
• BNB
• BUSD
• SXP

Unlike a debit card, Binance Pay users can transfer money from their digital wallet using the in-app scanner and QR code.

Although CZ has big plans for Binance Pay, he joked that the beta launch was quiet without media glamor.

He added:

If you can find the product, you can try it out.

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