Binance adds commission-free payments feature to Binance Pay

The cryptocurrency exchange Binance has unveiled the alpha version of its own payment service.

The new Binance Pay feature allows users and merchants to choose payment options and to receive or send cryptocurrency with no fees. The service supports more than 30 assets.

The company said the update would help integrate digital assets into everyday life and drive broad adoption.

“Traditional payment infrastructure is permeated by high transaction fees. We see this product as a way to address one of the many problems and limitations of traditional finance,” said Binance CEO Changpeng Zhao.

In February 2021, the exchange launched beta version of Binance Pay. Access to the service was granted to registered users. Creating a new account required completing a KYC procedure.

Initially, Binance Pay supported the platform’s native token BNB, the Binance USD (BUSD) stablecoin, Bitcoin (BTC), Ethereum (ETH), the euro, and the Swipe (SXP) token—the ecosystem token of the issuer of Swipe debit cards.

Earlier, in July 2020, Binance acquired Swipe and obtained a stake in the SXP token.

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