Kucoin is upgrading its system to simplify crypto payments for users around the world. This week, FIU-registered exchange launched Kucoin Pay, a payment solution that enables merchants to accept cryptocurrencies for goods and services. The feature is designed to encourage merchants to adopt crypto transactions and allow buyers to use their stakes for daily purchases. Kucoin claims it has a user base of over 37 million.
Kucoin Pay brings UPI-like features
Now, business users can process payments directly in cryptocurrency using Kucoin Pay. Once the solution is integrated into their payment system, merchants will get a unique QR code similar to that provided by IPI applications such as Google Pay and Phonepe India. Customers can then use this QR code to make purchases via Kucoin.
“Kucoin Pay has been integrated into the Kucoin app, allowing businesses to simplify the purchase process of users’ daily items. Daily requirements such as gift cards and mobile top-ups can be completed seamlessly, further promoting widespread crypto adoption.” The exchange in its This feature is announced in the press release.
The expected impact of this feature
Despite the volatility factor of cryptocurrency volatility, business owners and businessmen have been showing interest in exploring payment features related to crypto.
Back in 2022, a Deloitte report claimed that more than 75% of the 2,000 U.S. retailers surveyed wanted to enable cryptocurrencies. The report said merchants are seeking to explore cryptocurrency payments after observing the consumer community’s interest in these features.
Through Kucoin Pay, Seychelles-based exchanges aim to bridge the gap between traditional retail practices and cryptocurrencies, thus simplifying the transition for businesses.
Kucoin has not announced a timeline of when its new features will be available to its global user base. However, it is expected to attract Kucoin users in India, and the exchange was registered with the Financial Intelligence Unit (FIU) in April 2024.
I have explored crypto payments based on QR codes before. In 2022, South Africa’s popular n-pay supermarket chain began experimenting with Bitcoin payments, allowing customers to scan QR codes based on current conversion rates to pay.
