KuCoin Launches New Pay Feature That Enables UPI-Like Payments via QR Codes

KuCoin is upgrading its systems to simplify crypto payments for users worldwide. This week, the FIU-registered exchange introduced KuCoin Pay, a payment solution enabling merchants to accept cryptocurrency for goods and services. The feature aims to encourage merchants to adopt crypto transactions and allow buyers to use their holdings for everyday purchases. KuCoin claims it has a userbase of over 37 million.

KuCoin Pay Brings UPI-Like Feature

Business users can now use KuCoin Pay to process payments directly through cryptocurrencies. After integrating the solution into their payment systems, merchants receive a unique QR code, similar to those provided by UPI apps like Google Pay and PhonePe in India. Customers can then use this QR code to make payments via KuCoin for their purchases.

“KuCoin Pay is integrated within the KuCoin app, enabling businesses to simplify the buying process for everyday items for users. Daily requests such as gift cards and mobile top-ups can be done seamlessly, further promoting widespread crypto adoption,” the exchange explained in its press release announcing this feature.

Expected Impacts of the Feature

Despite the volatility factor of cryptocurrencies, business owners and merchants have been showing continuous interest in exploring crypto-related payment features.

Back in 2022, a Deloitte report had claimed that over 75 percent of 2,000 surveyed retailers in the US wished to enable crypto payments. The report had said that merchants are looking to explore crypto payments after observing an interest in these features from the consumer community.

Through KuCoin Pay, the Seychelles-based exchange aims to bridge the gap between traditional retail practices and cryptocurrency, simplifying the transition for businesses.

KuCoin has not yet announced a timeline for when its new feature will be available to its global user base. However, it is expected to reach KuCoin users in India, where the exchange registered with the Financial Intelligence Unit (FIU) in April 2024.

QR code-based crypto payments have been explored previously. In 2022, South Africa's popular Pick n Pay supermarket chain started experimenting with Bitcoin payments, allowing customers to scan a QR code to pay based on the current conversion rate.