Binance, a cryptocurrency exchange, has made Binance Pay available to its American customers.
Since last year, Binance clients outside the United States have had access to the service, which allows them to send money through mobile apps.
“Pay eliminates the difficulty of sending bitcoin to contacts by removing the requirement for users to type a cumbersome deposit or withdrawal address, pay gas expenses, or wait an indefinite length of time for transactions to properly settle,” Binance noted in a news release.
Binance Pay, according to the statement, allows users to transfer, request, and receive about 150 different cryptocurrencies from other users, allowing for rapid, no-cost crypto transactions.
Binance, the world’s largest crypto exchange, has announced that it has removed trading fees for both bitcoin and Ethereum in order to attract more consumers at a time when crypto trading activity is low.
Payments are one of the “most obvious use cases for crypto,” according to Binance founder and CEO Changpeng “CZ” Zhao.
earlier this year, a trio of eCommerce and crypto executives discussed the promise and problems of crypto payments.
Among them was Steve Ashley, president and chief operating officer of SHOP.COM, who stated that when his company began accepting bitcoin at checkout last year, he was certain that customers would love it.
Customers told Ashley that they wanted the site to accept cryptocurrency “because they believed in it as an ecosystem for the future form of cash,” Ashley explained in August.
According to Ashley, the same was true for new customers, who also remarked that the company’s management were longtime bitcoin holders.
“It only made sense to reach out to the communities in the hopes of attracting a new demographic of SHOP.COM customers.”
However, companies encountered additional hurdles, such as convincing customers, particularly those in older demographics, of the ease of paying using bitcoin.