What is happening?
PIP, a Web3 payment solutions provider, introduced its payment services to the Binance ecosystem, offering stablecoin-based transactions using Binance Coin (BNB) and Binance USD (BUSD) for consumers of Binance Smart Chain (BSC). The platform’s PIP Extension offering delivers the cutting-edge solution that connects a variety of linked Web2 social media platforms to the Web3 ecosystem.
The unique selling point of PIP is integrating the PIP browser-based extension with the Binance ecosystem. Payments between PIP users can be streamlined by having each party generate a unique PIP tag and linking it to a supported social media account. With the use of tags, users can send and receive payments of any size without memorising lengthy wallet addresses.
Vested Interest Disclosure: The author is an independent contributor publishing via our
What is PIP?
The objective of PIP is to make using cryptocurrencies easier and cheaper for the general public by developing user-friendly interfaces for Web 3.0 applications. PIP’s portfolio of products, which includes the PIP Extension, PIP ME, and the PIP Button, facilitates simple transactions and the monetization of content creation for social network users. Over 15 million U.S. dollars worth of cryptocurrency transactions have been performed on the platform so far, and over 60,000 users have been onboarded.
What is PIP extension?
PIP Extension allows users of popular social media platforms like Twitter, Twitch, Reddit, and Discord to make and receive cryptocurrency payments from within the app. PIP Extension connects the Web2 and Web3 communities, allowing billions of internet users worldwide to conduct secure, borderless monetary transactions without restrictions. Donating money demonstrates gratitude. In contrast to micropayments, which give monetary value to likes, like buttons are all identical and have only a binary state.
People express their gratitude monetarily, just the way we would tip a waiter or street performer. It’s the same on the internet. PIP Tag is a payment button and human-readable crypto address that can be used on any website. Users who want to be paid may put their PIP tag on websites. If you’re sending money, the PIP Extension will highlight the PIP Tags so you can easily make a payment.
The Rise of the Crypto Payments Industry
Visa reports that its network processed over $1 billion in cryptocurrency transactions in Q1 2021, with that number rising to $2.5 billion in Q1 2022. The survey said that stablecoin payments have contributed to the growing acceptance of cryptocurrency payments. The widespread acceptance of cryptocurrency as a method of payment is contingent on the public’s familiarity with and comfort with this new kind of currency, as shown by the aforementioned research. Converting cryptocurrencies into stablecoins is one way to reduce their volatile nature.
Millions of customers now have access to crypto-based payment choices thanks to a partnership between payment service providers and payment processing giants such as Mastercard and Visa. While progress has been made in the underlying infrastructure for accepting cryptocurrency as payment, this would not be possible without the support of retailers. Despite technical restrictions and complications, numerous surveys and reports have shown that businesses have profited equally from the incorporation of crypto payment processing.
Final Thoughts on PIP integration with the Binance ecosystem
The simple payment interface developed by PIP can be a game changer for the finance ecosystem as it would make spending virtual assets on BSC easy and simple. In my opinion, features such as PIP extension and digital identity for making payments online are going to disrupt the blockchain industry and merge the payment industry with the crypto industry.
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Image credits: PIP.
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