KuCoin Introduces Crypto Payment Solution with QR Code for Merchants

Sentiment status: Positive

Merchants can now receive payments through KuCoin's new feature. Users can pay via a QR code using over 50 cryptocurrencies, utilizing the funds deposited in their exchange accounts.

KuCoin Expands Crypto Adoption with KuCoin Pay

The cryptocurrency exchange KuCoin has announced a new initiative aimed at promoting and simplifying the daily use of cryptocurrencies as payment mechanisms for everyday purchases.

In a statement released Thursday, the Seychelles-based platform unveiled KuCoin Pay, a new feature designed for retail cryptocurrency payments. Merchants can integrate this solution into their stores and businesses, enabling customers to pay directly from their KuCoin cryptocurrency exchange accounts.

“KuCoin Pay is committed to reducing transaction fees and enabling instant settlement of crypto payments, simplifying the process for businesses to manage transactions efficiently” the statement read.

The solution supports a wide range of cryptocurrencies and blockchain networks and is promoted as "contactless and borderless" through the incorporation of a QR code system. Notably, it accommodates 54 digital currencies, including Bitcoin (BTC), Ether (ETH), and dollar-pegged stablecoins like USDT and USDC.

Simplified Integration and Growing Competition

KuCoin assures that integrating its payment system for merchants is straightforward and allows customers to complete purchases by scanning a QR code or using the exchange's mobile app.

With this move, KuCoin joins a growing list of cryptocurrency payment providers working to bridge the gap between digital assets and traditional payment infrastructure.

For instance, Stripe officially resumed support for cryptocurrency payments in September after a six-year hiatus, introducing USDC payments for merchants in the United States. Similarly, Flexa launched a comparable product in August last year, onboarding retailers like Chipotle, Mikimoto, and Regal Cinemas to its program.

According to a KuCoin spokesperson, several merchants are set to add KuCoin Pay this January, with many already registered to integrate the product. While names have not yet been disclosed, the platform revealed to CoinDesk that users must be fully registered and verified on KuCoin to use the service as consumers.