Binance introduced a new crypto-based payment system. Specifically, the fee-free QR code feature is now live in Argentina.
Binance successfully introduced a new crypto-based QR payment system. This is a critical feature now fully operational in Argentina. Furthermore, the users can complete transactions simply. Thus, they scan one QR code of a merchant using the Binance Pay app. The user chooses the crypto asset they would like to purchase. In addition, there are absolutely no extra fees for this transaction.
QR Integration Bridges Crypto Economy and Retail Sector
Impressively, the merchants do not have to be crypto-savvy. Therefore, they can easily exploit this service to the fullest. Specifically, Binance automatically converts the currency. Moreover, there are payments being made from crypto to pesos Argentinos. Furthermore, this is done with immediate success through a registered local partner.
Related Reading: Argentina Tops Crypto Adoption in Latin America | Live Bitcoin News
The rollout is another big move for Binance. Therefore, the aim is to make crypto a real-world monetary tool. Consequently, users can spend their digital assets easily. Specifically, they can pay for their coffee, their groceries or for a taxi ride. Furthermore, this spending is as easy as scanning a quick QR code. Indeed, this is a rapid integration of digital assets into the everyday life of spending habits.
The new system was called a “leap” by Andres Ondarra, Binance General Manager. Specifically, he stressed its move toward “true financial freedom.” Moreover, he added that the system has speed, security and flexibility. Consequently, users may spend digital assets in any merchant. Therefore, the system is the easiest, most practical way to adapt crypto to daily life.
Besides, Ondarra affirmed Binance’s commitment. Therefore, the company keeps working hard on the development of the products. Specifically, these products must cater to diverse needs of both businesses and individuals. The QR function offers a very simple process. Users just have to scan, choose a cryptocurrency, and immediately confirm the transaction.
Behind the scenes, the whole conversion is managed by Binance. As a consequence, the selected crypto gets converted to Argentine pesos instantly. Moreover, this conversion occurs at the current market rate of real time. Specifically, a regulated local partner deals with this process. Therefore, merchants get immediate payment in local currency.
Zero Fees and Multi-Asset Support Drive Adoption
Crucially, users can pay using more than 100 supported cryptocurrencies. Specifically, these include the major assets such as USDT and BTC. Moreover, there is freedom of choice as far as the payment source is concerned. Options include their Spot, Funding, or Earn account balances. Consequently, with this flexibility, people are able to manage their spending effectively. Thus, they can continue with their investments or savings without any disturbance. Indeed, the system has zero fees and no intermediaries.
Argentina already has a very well-developed QR ecosystem. For this reason, millions of people already use this method daily. Therefore, implementing crypto into this already ingrained habit is very important. Ultimately, this brings digital assets under familiar and everyday use. Moreover, the new feature makes a great bridge. Specifically, it brings together the global crypto economy and Argentina’s dynamic retail sector successfully.
Furthermore, the QR system is designed to be simple. Specifically, all that is required by the users is a Binance account with a positive balance of crypto. Therefore, payments are settled instantly after scanning and confirming. Moreover, the transaction is totally free of cost. As such, users only have to pay for what they specifically buy. Consequently, this frictionless payment is in line with Binance’s big ambition, to make crypto not just tradable, but actually usable.
Finally, this system is operated on Binance Pay. This is Binance’s solid global payment solution. Moreover, it allows for borderless and contactless transfers of cryptocurrencies from all over the world. Since its launch back in 2021, Binance Pay has processed a total of over $250 billion of transactions. Furthermore, it is now used by more than 45 million users. As a result, the QR integration effect continues to be an effective driver in bringing about everyday crypto adoption.
