Crypto exchange KuCoin introduced a point-of-sale (PoS) system allowing its users to pay businesses using their exchange balances.
KuCoin said its KuCoin Pay tool will allow merchants to integrate crypto payments into their systems while letting customers make purchases by scanning a QR code or using the KuCoin application.
According to KuCoin, the new feature supports about 54 crypto assets, including Bitcoin (BTC), Ether (ETH), Tether (USDT) and USD Coin (USDC).
KuCoin said the feature can “open new opportunities” for merchants. It allows businesses to tap into KuCoin’s user base and simplifies the buying process for users.
It also enables a seamless checkout process, promoting more widespread adoption of crypto assets, KuCoin added.
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Crypto payments expansion in the fourth quarter of 2024
KuCoin’s latest offering comes amid a wave of developments in the crypto payments sector that began in the fourth quarter of 2024.
On Oct. 9, payments provider Stripe introduced stablecoin payment options using USDC. The platform saw users from 70 countries adopt its new payment option on the first day, reflecting strong demand for alternative payment systems.
On the same day, the Web3 money app Wirex launched its Wirex Pay service, a modular payment chain. This allows users to make everyday payments with their crypto assets using their non-custodial wallets. The service gives users complete control of their funds through various security features.
On Oct. 28, fintech firm FV Bank launched debit and corporate credit cards in partnership with Visa. The cards allow customers access to both digital assets and US dollars. They accept stablecoins including USDC and USDT, and crypto assets held in custody accounts, like BTC, ETH, Polygon (MATIC), Dogecoin (DOGE) and Polkadot (DOT).
In November, United States store chain Sheetz expanded its crypto payments support by partnering with the digital assets payment provider Flexa. The partnership enabled crypto payments for the chain’s 750 locations. The company said users can pay using USDC, BTC, ETH, Litecoin (LTC) and other crypto assets Flexa supports.
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