Binance Pay: Taking Crypto To The Merchants And The Masses

There is little or no doubt that the gospel of crypto is gradually travelling across the world. From America to Europe, from Asia to Africa and beyond, new people are learning about the revolutionary powers of cryptocurrencies and the general adoption rate is growing slowly. Yet, without prejudice, we are still quite far from mass adoption. Of course, Rome was not built in a day and there is still plenty of work to be done.

And if cryptocurrencies would ever realize their potentials, then the masses must be able to use it without needing to understand the technicalities involved in storing, sending, and receiving it. At this point in the evolution of cryptocurrencies, it appears that the most overt use case is for the exchange of value for goods and services.

But over the years, many merchants have been very skeptical, and consequently reluctant, about the acceptance of cryptocurrencies largely because of the volatility that is characteristic of leading cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, etc. Therefore, a project that would bring crypto to the masses must solve the problem of volatility while facilitating the ease of transaction between merchants and retailers. This is exactly what Binance Pay is set to do.

Announced only a few days ago and still in the beta version, Binance Pay is set to be the PayPal of cryptocurrencies. A brainchild of the Changpeng Zhao the CEO of Binance, Binance Pay is ……..a contactless, borderless and secure cryptocurrency payment technology. The product will facilitate the use of crypto for everyday transactions.

With its innovative technology, Binance Pay will make it possible for merchants to receive payments in cryptocurriences for their goods and services without being subjected to the risk volatility as the transaction is quickly converted to a stable coin on the backend. For now, Binance Pay will support only popular cryptocurrency such as Bitcoin, Ethereum, BNB, BUSD, etc.

If Binance Pay survives as a product, which will most likely be the case, it will surely bring crypto to the mainstream while pushing it further towards mass adoption. In the near future, we can have a plethora of online stores which accepts cryptocurrencies from their customers who do not need to understand cryptocurrency than they do their ATM cards.

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