KuCoin is upgrading its platform to enhance the user experience for cryptocurrency payments worldwide. Recently, the FIU-registered exchange introduced KuCoin Pay, a service created to enable merchants to accept cryptocurrency payments for products and services. This functionality aims to encourage the use of cryptocurrencies by allowing users to spend their digital assets on daily purchases. KuCoin asserts that it has more than 37 million users around the globe.
KuCoin Pay: UPI-Inspired Crypto Payments
With KuCoin Pay, businesses can now handle cryptocurrency payments effortlessly. Merchants who incorporate this service into their systems will obtain a unique QR code, which operates like UPI applications such as Google Pay and PhonePe in India. Consumers can utilize this QR code via the KuCoin app to complete transactions directly in cryptocurrency.
“KuCoin Pay is embedded within the KuCoin app, allowing businesses to streamline the purchasing process for everyday items for consumers. Daily needs like gift cards and mobile recharges can be easily fulfilled, further encouraging widespread crypto use,” KuCoin stated in its press release.
Broader Implications of KuCoin Pay
Despite the natural volatility present in cryptocurrencies, interest from businesses in exploring crypto-based payment solutions continues to expand.
A 2022 study by Deloitte indicated that over 75% of 2,000 retailers surveyed in the US showed interest in accepting cryptocurrency payments. Merchants noted a growing consumer demand for crypto payment functionalities, leading many to investigate integration possibilities.
Through KuCoin Pay, the Seychelles-based exchange intends to connect traditional retail practices with cryptocurrency, making it easier for businesses to transition into the crypto ecosystem.
Although KuCoin has not shared a global launch schedule, it is expected that the service will soon be accessible to users in India. The exchange was registered with the Financial Intelligence Unit (FIU) in April 2024, suggesting a potential emphasis on the Indian market.
This QR code-based cryptocurrency payment system isn’t completely novel. In 2022, South Africa’s Pick n Pay supermarket chain tested Bitcoin payments, enabling customers to scan QR codes for purchases based on real-time exchange rates. KuCoin Pay marks another important advancement in promoting global cryptocurrency adoption.
