Cryptocurrency exchange KuCoin, which boasts over 37 million users worldwide, has introduced KuCoin Pay, a payment solution designed to simplify crypto transactions for businesses and consumers.
KuCoin Pay enables merchants to accept cryptocurrency payments for goods and services. The solution provides businesses with a unique QR code, similar to UPI-based systems like Google Pay and PhonePe in India, to streamline transactions. Integrated within the KuCoin app, the feature allows users to make payments for everyday items, such as gift cards and mobile top-ups, using their crypto holdings. The exchange aims to bridge traditional retail practices with the emerging crypto economy.
KuCoin announced the launch of KuCoin Pay this week. While no exact timeline for global rollout has been provided, the exchange plans to introduce the feature to its Indian user base, where KuCoin registered with the Financial Intelligence Unit (FIU) in April 2024.
KuCoin Pay is expected to be available to users worldwide, with particular attention to crypto-friendly markets such as India. The exchange is headquartered in Seychelles but serves a global audience.
The new feature addresses the growing demand for crypto payment solutions among businesses and consumers. A 2022 Deloitte survey revealed that 75% of U.S. retailers were interested in enabling crypto payments due to consumer demand. KuCoin sees this as an opportunity to promote broader crypto adoption by simplifying the payment process for merchants and buyers alike.
Merchants can integrate KuCoin Pay into their systems, generating unique QR codes for payment. Customers scan the code via the KuCoin app to make purchases based on current crypto-to-fiat conversion rates. KuCoin Pay follows similar initiatives, such as South Africa’s Pick n Pay supermarket chain, which experimented with Bitcoin payments in 2022.
By making cryptocurrency transactions more accessible and practical, KuCoin Pay is poised to reduce barriers to crypto adoption, encouraging businesses and consumers to embrace digital currencies for everyday use.
