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OKX Announces Launch of Pay Wallet to Boost Crypto Adoption

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  • OKX Pay Wallet to support stablecoins like USDT and USDC.
  • Integration with the OKX exchange app ensures seamless payments.
  • Wallet will feature instant fiat on/off-ramps and P2P transfers.

OKX cryptocurrency exchange is set to launch the OKX Pay Wallet in the next week. Star Xu, CEO of OKX, announced these plans via X, which aim to speed up crypto adoption across the world. The Pay Wallet is a keyless payment solution that enables users to conduct seamless transactions through both USDC and USDT stablecoins.

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OKX Announces Launch of Pay Wallet to Boost Crypto Adoption 2

The decision is part of the exchange’s strategic approach to separate its crypto payment services into an independent business unit. In March, the company launched an independent Wallet app. The latest move indicates the company’s commitment to expand its position in the crypto payment market and attract more users.

OKX Pay Wallet will integrate with the exchange’s application so users will not encounter a separate operation. The wallet enables users to initiate peer-to-peer (P2P) funds transfers and merchant payments through QR codes and NDC checkouts. The new wallet will primarily focus on payments to provide instant stablecoin-to-fiat and fiat-to-stablecoin conversions.

OKX Pay Wallet to Run on Ethereum’s X Layer

Xu stated that the Pay Wallet will operate on X Layer, the exchange’s Ethereum Layer 2 network. The X Layer will deliver fast transactions and allow users to earn returns through decentralized finance (DeFi) services. The app provides users with a built-in chat feature, which enables real-time payment confirmations.

The wallet’s use of USDT and USDC matches OKX’s plans to promote the use of these stablecoins for daily transactions. The wallet utilizes X Layer to make these stablecoins more accessible for crypto payment transactions. XU aims to position X Layer as the “global payment chain,” which facilitates efficient and flexible payment systems.

Planned Product Lineup Expansion

OKX CMO Haider announced that more updates would be made on the wallet. The initiative matches the company’s efforts to expand its product lineup. The exchange seeks to offer a complete, easy-to-use payment platform in order to compete with major players such as Binance Pay and Coinbase Pay in the cryptocurrency payment sector.

OKX offers an innovative payment system to speed up the adoption of crypto payments. The wallet’s simple-to-use payments interface makes it attractive to both novice and professional users. Moreover, the addition of the chat menu function to the platform could boost user experience and user participation.

Printemps Adopts Crypto Payments: A Game-Changer in Luxury Retail

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Key Takeaways:

  • Printemps is the first major European retailer to accept crypto payments.
  • The partnership with Binance Pay and Lyzi aims to enhance customer experience with secure and fast transactions.
  • Printemps’ crypto payment integration is designed to serve over 6.5 million French crypto users.

Printemps, France’s second-largest luxury department store, has become the first major European retailer to adopt cryptocurrency payments.The blog post said the deal saw the retailer partner with the payment solution from global crypto exchange Binance, called Binance Pay, along with French fintech firm Lyzi, allowing purchases using digital currencies in any one of Printemps’ stores across France, totaling 20.

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Growing Crypto Market with New Payment Options

The partnership is positioned to shake things up in how customers experience luxury retail. With the integration of Lyzi’s digital currency payment gateway, connected to Binance Pay, Printemps can offer shoppers a new dimension in payment flexibility.

The store wants to reach the market that has more than 6.5 million crypto users in France looking for smooth digital means of paying for goods. Anyway, the new technology is part of a wider strategy Printemps has adopted in order to keep up with the expectations of the ever-changing, tech-savvy consumer.

The partnership has already picked up accolades in the retail sector. The impact of Printemps and Lyzi in innovating the shopping experience simply places them in better alignment with today’s digital-first consumer demand.

Enhancing the Shopping Experience

For customers, paying with digital currency at Printemps means a quantum leap toward more convenience and security. The use of Web3 technologies now promises speed and efficiency in transactions, making the lives of crypto enthusiasts easier in one of France’s most iconic department stores.

The move aligns with Printemps’ commitment to innovation, ensuring that their stores remain at the forefront of customer service and digital payment solutions.

By adopting crypto payments, Printemps positions itself as a leader in luxury retail and sends a clear message about its readiness to embrace the future of shopping.

The department store’s willingness to adopt emerging technologies is likely to set a precedent for others in the retail industry, signaling a shift towards more diverse payment methods in the years to come.

Related Reading | Best 5 Altcoins to Join Now with Massive Return Potential

Floki’s Binance Pay Integration Fires Up 12M Users

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Amidst a resurgence in the meme coins’ ecosystem, Floki stepped into the limelight as over 12 million users gained access to utilize it for transactions at premier merchants via Binance Pay. The integration by the renowned crypto payments platform has not only boosted its utility but also bolstered its competitive stance against fellow meme coins such as Dogecoin [DOGE], Dogwifhat [WIF], and PepeCoin [PEPE].

This means over 12 million active users can use the token to pay merchants for goods and services across the world and within the Binance app’s Marketplace. Emerging as the key payment option, it has also opened up new horizons and possibilities.

Buy luxury cars and properties. Book flights or hotels at Travala or Despegar. Shop at global e-comm retailer Farfetch or Printemps, a leading French department store. Make payments at up to 5,000 POS terminals in Bahrain – Pay for items in supermarkets (Pick N Pay Africa): Pay at pharmacies (ANC Pharmacy Ukraine) Binance Pay enables anyone to make instant, borderless, secure payments directly from within the Binance App. Finally, besides merchant payments, you can also pay friends and family via Binance Pay!

The meme coin ecosystem burned a total of 214 billion FLOKI tokens in March, representing strong utility demand as part of its commitment to improving tokenomics and generating long-term value. This amount exceeds $55 million and surpasses the combined burns of other top meme coins such as DOGE, SHIB, PEPE, WIF, and BONK.

Floki’s Token Burn Strategy

According to the official blog, these burns are primarily driven by Floki’s utility products and a DAO-approved burn mechanism. Firstly, the Floki Staking Program imposes a penalty fee of 5-20% whenever a staker decides to unstake their tokens earlier than the scheduled date. These burnt tokens are effectively removed from circulation, reducing the overall supply of Floki tokens. Secondly, the FlokiFi Locker DeFi protocol further contributes to the burning program by purchasing and burning the token whenever it is used on the Ethereum and Binance Smart Chain [BNB] networks.

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Floki's Binance Pay Integration Fires Up 12M Users 5

Looking ahead, the team anticipates these burns to accelerate with the introduction of more Floki products later in the year.

Cryptocurrency Payments Now Accepted at Ukraine Pharmacies Through Binance Pay

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One of the largest drugstore chains in Ukraine, ANC Pharmacy, has teamed up with Binance Ukraine to introduce cryptocurrency payments through the contactless cryptocurrency payment tool Binance Pay.

The pharmacy chain formally stated on Tuesday that starting on January 3, ANC Pharmacy will allow consumers to proceed with quick payments when ordering pharmacy products online.

In Ukraine, ANC Pharmacy runs more than 1,000 pharmacies in addition to its own online pharmacy business. An official release states that Kyiv pharmacies would be the first to accept Binance Pay payments.

Both ANC pharmacies and drugstores run by ANC Pharmacy, notably Kopiyka and Shara, will accept the new payment option. The official statement read,

“ANC, Kopiyka and Shara are the first pharmacies in Europe to accept crypto.” 

Users must first download the Binance app and then visit the ANC.ua website in order to proceed with a crypto payment at an ANC pharmacy. Users will be able to select a product online, pay with the Binance Pay service, and pick up their order from a selected pharmacy.

When local media contacted Binance Ukraine for comment, a spokesman did not answer right away.

Cryptocurrency Presence In Ukraine More Evident Now

Over the past several years, Binance has actively promoted its presence in Ukraine. Binance also collaborated with the Ukrainian supermarket chain Varus in September 2022, enabling customers to pay for their groceries using the Binance Pay Wallet.

With more than 111 locations spread over 28 cities in Ukraine, the supermarket is one of the biggest businesses in the nation. According to the business, this alliance would give its consumers access to quick delivery and instant cryptocurrency payments in nine Ukrainian cities: Kyiv, Dnipro, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, and Pavlograd.

Launching a Binance Card in Ukraine was one of Binance’s top priorities for 2022, according to Kirill Khomyakov, general manager of Binance Ukraine, who made the statement to Cointelegraph in early February 2022, or weeks before Russian armies invaded Ukraine.

Khomyakov claims that while cryptocurrency-derived transactions are not prohibited in Ukraine, payments made using services like Binance Card do not violate Ukrainian legal requirements. However, local legislation prohibits direct Bitcoin payments and other cryptocurrencies.

Binance Pay Is Now Accepted at Malls and Hotels in the UAE

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Majid Al Futtaim, the Middle East, Africa, and Asia pioneer in shopping malls, communities, retail, and leisure, and Binance have announced a strategic agreement that will allow Majid Al Futtaim to employ Web3 technology to future-proof the business and benefits customers in the MENA area.

Both companies will work together on a number of blockchain projects, including the listing of non-fungible tokens (NFTs) on Binance’s marketplace, the development of a digital wallet, and the integration of Binance Pay, which will let the users purchase virtual assets in accordance with applicable laws and regulations at Majid Al Futtaim’s various locations.

29 shopping malls and 13 hotels in the UAE integrate Binance pay

“The exponential rate of technology development today is matched only by consumers’ voracious appetite for exceptional customer experiences in both the physical and digital world.”

Majid Al Futtaim CEO Alain Bejjani

“Through partnerships like these, we will see the novel use-cases that come to characterize the next digital era emerge, and Majid Al Futtaim is positioned to become a pathfinder in bridging the gap between physical and Web3 experiences,” said Changpeng Zhao ‘CZ,’ CEO and co-founder of Binance.

Binance Pay is a contactless, borderless gateway available on the Binance App that lets consumers and merchants all over the world utilize cryptocurrency for free.

Meanwhile, Binance NFT is a multichain platform that employs the PoSA (proof of staked authority) consensus agreement system, which is more environmentally friendly and energy-efficient than Bitcoin.

Majid Al Futtaim is a shopping mall and retail corporation based in the United Arab Emirates that was created in 1992 by Majid Al Futtaim, an Emirati billionaire businessman. Since then, the company has grown to employ over 43,000 individuals in 15 different foreign regions.

Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighborhood centers, and four community malls in a joint venture with the Sharjah government make up the retail mall portfolio. Carrefour’s sole franchisee in 37 markets across the Middle East, Africa, and Asia, with a portfolio of over 270 shops in 15 countries, is the company.

Majid Al Futtaim owns and runs 29 shopping malls, 13 hotels, and four mixed-use communities in the United Arab Emirates, with more projects in the pipeline.