Binance Unveils PayPal Competitor Binance Pay with Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB)

During his live session on Binance Blockchain Week, Changpeng "CZ" Zhao, CEO and founder of world-leading exchange Binance (BNB), introduced two crucial additions to his ecosystem.

Now Binance has its own retail app, Binance Pay

Today, Feb. 2, 2021, Mr. Zhao proudly introduced Binance Pay. According to an official blog post by the Binance team, the new application will empower its users with "contactless, borderless and secure" technology for crypto payments.

The new application, which is currently live in beta, has its own system of accounts—Binancians need to sign up for Binance Pay from their Binance wallets. To access his/her Binance Pay wallet, the user needs to set a nickname, a PIN and a password.

From day one, Binance Pay supports six currencies, namely Binance Coin (BNB), Binance USD (BUSD), Bitcoin (BTC), Swipe Token (SXP), Ethereum (ETH) and Euro (EUR).

Binance Pay is integrated with Binance Visa cards natively. Also, it can be refilled from a spot cryptocurrency wallet on Binance exchange. Payments in Binance Pay can be received and authorized with QR codes.

Binance Coin (BNB) almost hits $53, one day after previous all-time high

The Binance team highlighted that Binance Pay will be a "major" element in the Binance ecosystem. Binance Lite is the second addition to the Binance toolkit: it allows simplified crypto purchasing and basic operations through an intuitive dashboard.

Binance Blockchain Week is surrounded by an unparalleled rally of Binance Coin (BNB). Now it is changing hands over $52, or up 40 percent in the last 30 days.

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