Cryptocurrency exchange KuCoin just announced KuCoin Pay, which is a new payment platform designed to help merchants accept cryptocurrency transactions.
KuCoin Pay is integrated with the KuCoin (KCS) app, which is used by over 37 million people globally. By leveraging this user base, businesses can connect with more customers while simplifying the payment process.
According to the company release, customers can make payments by scanning a QR code or directly through the app.
The platform’s goal is to make it easier for businesses to handle crypto payments. It offers lower fees, instant settlements, and support for multiple cryptocurrencies. KuCoin is particularly focused on making crypto payments more accessible for everyday transactions.
Users can pay for items like gift cards or mobile top-ups, which could help normalize using cryptocurrencies in daily life.
For businesses, setting up KuCoin Pay is straightforward. Merchants add the system into their existing payment platforms, making it easy to start accepting crypto alongside traditional payments.
Crypto payments work by using blockchain technology to process transactions. Unlike traditional payment methods, blockchain enables direct peer-to-peer transfers, often with lower fees.
