In February 2021, Binance exchange unveiled its beta version for peer-to-peer payments. By March 12, 2021, Binance extended the service to merchant transactions for mobile users on the Binance app. These mobile users can instantly transact with about 150 supported cryptocurrencies free of charge.
Twenty-two months after, Binance US unveiled a mobile payment service called "Pay" for United States residents. Reports suggested that the 'Binance Pay' will enable US users to enjoy mobile payment service.
The announcement is contained in a December 13th blog post by Binance US. Significantly, these mobile payment transactions will feature zero gas or transaction fees. US residents will now be able to use the Pay Payments system to send funds via their mobile app.
Furthermore, the app is available on mobile with expectations that the web version will be unveiled "in the near future." To access the features, users are expected to update their Binance app to the latest version. After that, they can load their Pay wallet. Additionally, the highest limit users can receive in crypto every 24 hours is $1 million.
This new feature comes when the exchange is witnessing turbulence— alongside other crypto exchanges.
Since the FTX exchange crashed, it has been a turbulent period for the global crypto exchange market. Nonetheless, Binance is not left behind. The market chat showed that the Bitcoin balance on the exchange had declined by over 42,000 in the last 24 hours. That is, users have withdrawn about $754 million worth of Bitcoin from the exchange. However, despite the continuous withdrawal, Binance still has over 527,304 BTC in its Bitcoin balance.
Similarly, Nansen reported that Binance recorded about $1.9 billion in withdrawals in the last 24 hours. Report shows that this withdrawal marks the largest outflow since June. The exchange responded by temporarily pausing withdrawals of USDC stablecoin.
Furthermore, on December 14, Binance tweeted that things seemed to have stabilized. He said the withdrawals recorded the day before were not even within the top five days for withdrawals in the exchange's history. The exchange has, however, continued to devise ways to weather the storm. Experts say one such tactic is introducing the mobile Pay system for US residents.
Similarly, the exchanges have eliminated trading fees for Bitcoin and Ether transactions. Experts say this move will attract more users when the trading volume across the exchange is declining.
The exchange's payment system eliminates the ambiguities associated with transferring digital assets. Using this feature, you do not need to enter a complex deposit or withdrawal address. Similarly, the payment service on mobile does not require gas fees— or waiting for long minutes for transactions to "successfully settle."
Furthermore, the exchange revealed that "Binance Pay" is a "contactless, borderless, and secure crypto payment technology. Conclusively, you can shop using crypto and send digital assets to friends and families across the globe.