Binance launches the P2P service in China
The leading crypto exchange by volume of operations announced the launch of P2P with support for Alipay and Wechat
Binance, the global cryptoexchange platform, announced the launch of its peer-to-peer (P2P) service, similar to LocalBitcoins, admitting that operators will be able to transact with each other using the dominant payment applications in Chinese Alipay and Wechat Pay.
This peer-to-peer functionality with bitcoin, ETH and USDT will initially be provided to Android users who have registered Binance accounts for more than 30 days. It is expected that the service be also offered to iOS users and web interface, as announced by the company.
Payment application only in China
The founder and CEO of the Binance Exchange, Changpeng Zhao, said on Twitter that the P2P application will initially start in China so that 1.4 billion people can use the new functionality and that it will soon expand the service to other regions. He also said that Chinese applications with more social impact end up being the most compatible for users to pay each other without the direct participation of the company.
Thanks to the domain that Alipay and Wechat Pay platforms have in the local payment market, their handling has been useful in virtually any part of the world, through their QR codes. Chinese consumers are so accustomed to make payments with their mobile phones that many do not bother to have credit cards or cash, which has given a balance compared to the rest of the world in terms of digital economy.
The use of these platforms has other very important reasons: people use them to avoid government prohibitions to send money to exchanges and ICOs.
K.Villarroel
Source: infocoin
