Gate.io Launches Web3 Crypto Payments Product

Announcements Gate.io Launches Web3 Crypto Payments Product - Gate Pay

Gate.io Launches Web3 Crypto Payments Product - Gate Pay

2022-11-07 02:33:30 UTC 106191 Read

Cryptocurrencies are becoming increasingly popular with the fast development of blockchain– the decentralized technology. According to the latest industry report by DataReportal, the cryptocurrency penetration rate worldwide is constantly rising. And in some leading countries, such as Thailand, Philippines, South Africa, and Turkey, the adoption rate is even as high as 20%, implying that holding cryptocurrencies is very common in public.

Under such a trend, cryptocurrency holders may also develop increasingly diversified needs for the use of cryptocurrencies. In addition to the most common trading services provided by most crypto exchanges, people are also looking for products to receive and pay with cryptocurrency in daily life or business scenarios. But, not many products are available to meet such needs. In such a context, veteran cryptocurrency exchange Gate.io has officially launched Gate Pay, a leading crypto-based payment product.

Gate.io believes that, in addition to providing core trading services to our 12 million users, we serve an even larger purpose to bridge the divide between blockchain and everyday life by connecting millions of users with crypto-friendly business tools and applications. Cryptocurrencies will assume the basic and critical function of currency– as a means of payment– bringing wider adoption beyond the limited user group in trading and transactions. Our target is to bring the Web 3.0 lifestyle to the public by serving individual users and business partners with Gate Pay.

Gate Pay is a secure and free-to-use crypto payment technology fully developed by Gate.io. Users gain access to a more user-friendly method of sending crypto payments for goods and services, and merchants benefit from business-friendly tools so they can start accepting cryptocurrency. Currently, Gate Pay supports over 20 cryptocurrencies for payments and plans to increase that to 130 in the future.

Digital payments solutions are key

Dr. Lin Han, CEO and Founder of Gate.io, said, "Cryptocurrency as a payment method is the key to unlocking the widespread usage of cryptocurrency. Gate.io has always remained steadfast in promoting large-scale usage and the application of crypto assets worldwide."

"Gate Pay is our next major commitment to further crypto adoption. It will bridge the gap between Web 3.0 and daily life, reducing the barriers for users and merchants to utilize cryptocurrency fully," said Dr. Lin Han.

How does Gate Pay work?

Users can easily upgrade to the latest Gate App version (Android 3.9.2; iOS 3.9.2) to use Gate Pay. There are two ways to send crypto payments for the purchased goods or services: QR Code Payment and Address payment.

QR Code Payment

Users can follow a streamlined and intuitive 3-step process:

- Scan a QR code.
- Confirm payment info and method.
- Confirm to send the payment.

Address Payment

The process is just as easy with direct address payments:

- Selecting "Gate Pay" on a third-party merchant website,
- Confirm payment info or copy/paste address info into payment wallet (exchange wallets or DeFi wallets)
- Confirm to send the payment.

Business partners can begin accepting crypto by integrating Gate Pay into their online and brick-and-mortar stores or launching on Gate MiniApp, a third-party dapp platform integrated directly into Gate.io's ecosystem.

- Reach Gate.io 12M+ users globally
- Support for 21 currencies, later expanded to 130+
- Free to use with no additional fees (only network gas fees)
- Fast integration with dedicated tech and operation support
- Business-friendly systems to easily monitor and manage transactions

Gate.io will provide full support to business partners integrating Gate Pay, whether already crypto-friendly or new adopters. In addition, partners will have further access to other components of Gate.io's ecosystem. For example, the Gate MiniApp already hosts some leading Web 3.0 applications, such as online crypto-friendly retailer Uquid and crypto travel booking service Travala.com. We will follow our commitment to grow together with start-ups in Web 3.0 and empower them with our evolving product mix.

Future plans for Gate Pay

Gate.io will continuously evolve Gate Pay, with plans to introduce C2C transfers, promotional handouts, and more. "From release to later evolutions, Gate Pay will become an important step in promoting the use of cryptocurrency. To achieve this, Gate.io will constantly innovate new product concepts to enrich the functions of Gate Pay," said Feng Zhou, Director of Gate Pay, Gate MiniApp.

About Gate.io

Founded in 2013, Gate.io has strived to provide its users with the best trading experience in the last nine years. As a result, in terms of trading volume, Gate.io is one of the top 10 crypto exchanges in the world, listing crypto assets that are high quality and have a high rate of return. Currently, Gate.io has 1500+ cryptocurrencies listed for trading and provides 2800+ trading pairs to over 12 million users worldwide.

About Gate Pay

Gate Pay is a secure, free and fast cryptocurrency payment function developed by Gate.io to meet the Web 3.0 needs of merchants and individual users to pay and receive cryptocurrency anytime, anywhere. Users can make crypto payments for the purchased goods or services in two ways: QR Code Payment and Address payment. Currently, Gate Pay supports over 20 cryptocurrencies for payments and plans to increase that to 130 in the future.

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Gate.io Team
November 7th, 2022