CoinGate is one of the top cryptocurrency payment processors from across the world and has now announced support for Binance Pay. This was initially reported by Finbold, which had specified that CoinGate now allows companies to accept payments made by Binance Pay users. This widens the consumer base that uses the platform.
Binance Pay is a service that a crypto exchange platform provides, which is also known as Binance Pay. The functionality of this system bears similarities to PayPal.
The collaboration of the two entities ensures that consumers using Binance Pay will be able to send payments to CoinGate merchants. With the integration with CoinGate payment processor functionalities, Binance Pay now stands to benefit the industry even more.
Crypto payment processing now simplifies for users, irrespective of the industry the users are involved with or their location. The Connectedness of the Binance ecosystem is high. This grants additional freedom for Binance Pay users when they use crypto in CoinGate stores.
Justas Paylius, CoinGate CEO has given a statement in which he has specified the significance of the partnership. He specifies that CoinGate has incessantly stuck to its mission, which is to forward crypto adoption in all ways possible. As the forces are joined with Binance Pay, it is a robust step forward that contributes to the goal.
This report specifies that the integration is by default turned on and standard channels of integration can be used to access the same.
For the initial three months, using Binance Pay is free on CoinBase. Following this phase, Binance Pay will collect a 0.3% fee for using the service.
As per a company update shared by CoinBase, the crypto exchange expresses support for Binance Pay as stepping up its game. Binance Pay is a secure crypto payment technology that is borderless and contactless. Binance Pay now becomes a major section of the payment processing services of CoinGate.
It is noteworthy that as CoinGate expands to include the crypto payment solution, it can now accept payment from ~17M Binance Pay users directly.
This works both ways. Customers who do crypto transactions can also visit CoinGate-powered merchants. Conveniently, they can pay for services and goods using any of the wallet assets in the Binance Pay app.
Effects of Binance Pay inclusion on CoinBase users
By using the standard payment integration methods, CoinGate merchants can leverage the Binance Pay service. API of Binance Pay is also now available to them. Even though by default, Binance Pay Integration is turned on, it can be turned off manually based on a merchant’s discretion.
Currently, payments via Binance Pay are open at most stores. At the time of checkout, a buyer has to select the CoinGate payment option.
Let us now take a look at the advantages that come into the picture of using the Binance pay option.
- Instant payment confirmation irrespective of the currency being used.
- When Binance Pay is used for collecting or making payments, there are no underpaid, overpaid, or expired orders.
- Each incoming payment is subject to fraud monitoring, which is an aspect 100% covered by Binance.
- Merchants need not bear any additional charges.
If a user intends to start making payments via Binance Pay, he can start by registering an account with CoinGate.
For more than a year, at the CoinGate Gift Card Store, Binance Pay has been a payment option. Mr. Paylius, CoinGate’s CEO defines the partnership between Binance and CoinGate as an important milestone in the company’s history. The milestone becomes even more important for boosting the adoption of cryptocurrency payments.
CoinGate now included in Wix’s cryptocurrency payment service
We have all shopped online at one point in time or the other. Wix is one of the premium eCommerce platforms that enjoy a reasonable market share in the eCommerce space. With CoinGate now included as Wix’s cryptocurrency payment service, consumers at any of Wix’s online stores can make payments using any of CoinGate’s implements.
This information was published on the Binance website on 11th January 2023 and is closely related to CoinGate rendering acceptance to Binance Pay over their platform. The two news items go to show that when shopping at any of the Wix websites, a consumer can now use Binance Pay to pay for the goods or services that he bought. The payment can be made in cryptocurrencies. The move encourages transactions made using crypto.
It was on 10th January CoinGate, the premium European payment gateway announced that it is now connected with Wix.com (NASDAQ: WIX). With this association, consumers from Germany, Spain, Lithuania, and the Netherlands can now make payments using cryptocurrencies.
Correspondingly, the CoinGate eCommerce payment gateway is now available to shopkeepers from Germany, Netherlands, Lithuania, and Spain.
The inclusion of CoinGate in Wix’s Payment Service empowers all merchants running their stores on Wix using CoinGate as a payment gateway to take Lightning Network payments and Bitcoin. Support for over 70 cryptocurrencies is herein facilitated.
As per Paulius, CoinGate’s CEO, this will render enhanced stability for any clients who use cryptocurrencies alone or do not have access to credit cards, banks, or other conventional payment systems. The development encourages even more enterprises to derive the maximum value from cryptocurrency marketplaces.
Paulius added that all across the world, cryptocurrencies are fast becoming a part of people’s day-to-day lives. In such a scenario, CoinGate intends to come up with a methodology that makes a widespread means of exchange for all people. This will be irrespective of whether or not they have access to traditional financial institutions such as credit cards or banks. Catering to these individuals will become easier for businesses.
As CoinGate is now included in Wix’s cryptocurrency payment service, Paulius believes that these objectives will become easy to achieve.
As per Paulius, the number of crypto users from across the world is over 300 million. Now, with cryptocurrencies being a payment option for in-store payments, some stores are going to benefit tremendously.
CoinGate further specified on January 4 that in eCommerce, crypto payments have observed a 60% increase in numbers in 2022. This is although the cryptocurrency market had a severe downturn in the same year.
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