KEY FACT: KuCoin, a leading cryptocurrency exchange, has launched KuCoin Pay, a point-of-sale (PoS) system that enables users to make direct purchases using their exchange balances. The system facilitates seamless transactions through QR codes or the KuCoin app and supports over 50 cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). KuCoin Pay opens new opportunities for merchants by simplifying the checkout process and promotes crypto adoption. The launch follows recent advancements in the crypto payments sector, such as Stripe's USDC stablecoin payments, Wirex Pay's modular crypto payment service, and Visa's partnership with FV Bank to introduce crypto-enabled cards.
Source: KuCoin
KuCoin Pay: New Point-of-Sale (PoS) System for Cryptocurrency Payments
KuCoin, a prominent cryptocurrency exchange, has unveiled KuCoin Pay, a point-of-sale (PoS) system designed to enable users to make direct purchases using their exchange balances. This is a pioneering merchant solution designed to catalyze business growth by integrating crypto payments into the retail sector. The innovative tool bridges the gap between traditional retail and crypto with an offer of contactless and borderless transactions.
With KuCoin Pay, merchants can integrate cryptocurrency payments into their existing systems, facilitating customer transactions through QR code scans or the KuCoin application. The payment system supports approximately 54 cryptocurrencies—including Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC). KuCoin Pay aims to streamline the purchasing process for users while providing businesses with access to KuCoin's extensive user base.
Additionally, KuCoin Pay is incorporated within the KuCoin app, enabling businesses to access KuCoin's extensive user base while simplifying the purchasing process for everyday items for users. Daily transactions such as gift cards and mobile top-ups can be conducted seamlessly, further promoting widespread crypto adoption. The company emphasizes that this feature can "open new opportunities" for merchants by simplifying the checkout process and promoting broader adoption of cryptocurrencies.
The launch of KuCoin Pay is in line with a series of developments in the crypto payments sector observed in the fourth quarter of 2024. On October 9, payments provider Stripe introduced stablecoin payment options utilizing USDC, witnessing adoption from users across 70 countries on the first day. The same day, Wirex launched its Wirex Pay service, a modular payment chain enabling users to conduct everyday transactions with crypto assets via non-custodial wallets, offering enhanced control through various security features.
Later, on October 28, fintech firm FV Bank partnered with Visa to introduce debit and corporate credit cards, granting customers access to both digital assets and US dollars. These cards support stablecoins like USDC and USDT, as well as cryptocurrencies such as BTC, ETH, Polygon (MATIC), Dogecoin (DOGE), and Polkadot (DOT).
In November, U.S. store chain Sheetz expanded its crypto payment options by collaborating with digital asset payment provider Flexa, enabling cryptocurrency transactions across its 750 locations. Customers can now pay using USDC, BTC, ETH, Litecoin (LTC), and other cryptocurrencies supported by Flexa. These advancements reflect a growing trend toward integrating cryptocurrency payments into mainstream commerce, to offer consumers and businesses alternative methods for transactions and financial management.
Founded in 2017, KuCoin is a globally recognized technology platform that supports digital economies, built on a foundation of cutting-edge blockchain infrastructure, liquidity solutions, and exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has received accolades such as "Best Crypto Apps & Exchanges" by Forbes and was recognized among the "Top 50 Global Unicorns" by Hurun in 2024, reflecting its commitment to user-centric principles and core values, including integrity, accountability, collaboration, and a relentless pursuit of excellence.
KuCoin's introduction of KuCoin Pay further contributes to this fast-changing sector, potentially enhancing the accessibility and usability of cryptocurrencies in everyday transactions.
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