To make cryptocurrency payments easier for consumers everywhere, KuCoin is modernizing its processes. KuCoin Pay, a payment option that allows businesses to accept cryptocurrencies for goods and services, was unveiled this week by the FIU-registered exchange. By enabling users to utilize their holdings for regular purchases, the service hopes to persuade retailers to embrace cryptocurrency transactions.
KuCoin Pay Introduces a Feature Similar to UPI
KuCoin Pay has made it possible for business users to handle cryptocurrency payments directly. Merchants obtain a unique QR code after integrating the solution into their payment systems; these codes are comparable to those offered by UPI apps in India, such as Google Pay and PhonePe. Following that, customers can use this QR code to pay for their goods using KuCoin.
Because KuCoin Pay is incorporated into the KuCoin app, businesses may make it easier for customers to purchase commonplace things. The ease with which daily requests like gift cards and cellphone top-ups can be completed encourages the broad use of cryptocurrencies.
Expected Impacts of the Feature
Despite the volatility of cryptocurrencies, merchants and business owners have consistently expressed interest in investigating payment capabilities connected to cryptocurrency.
The Seychelles-based exchange hopes to ease the transition for businesses by bridging the gap between bitcoin and conventional retail procedures through KuCoin Pay.
A release date for KuCoin’s new feature’s global user base has not yet been disclosed. It is anticipated to reach Indian KuCoin users, nevertheless.