US-based cryptocurrency exchange Kraken has introduced Kraken Pay, allowing users to make payments with their accounts using over 300 fiat and crypto assets.
The service enables users to pay for transactions, allowing cross-border and multi-currency payments.
The company post said: “Simply choose the fiat or cryptocurrency in your account you want to send and Kraken will instantly send the payment to your recipient.”
Kraken claimed that sending payments is done through a paylink, a secure URL sent via any messaging service like SMS or WhatsApp.
Recipients can click the paylink to accept payment. If the recipient does not have a Kraken account, they can set one up after clicking the paylink to claim the funds.
Kraken has introduced the @Kraktag, an identifier that allows users to send and receive payments in crypto or fiat currency.
Users can customise their @Kraktag, enabling friends and family to send payments without needing full bank account details. Each @Kraktag is unique.
The transfer limits for Kraken Pay vary based on account verification levels and two-factor authentication (2FA) status.
For Intermediate accounts, the limit is $10,000 per 30-day rolling period. For Pro accounts or those with 2FA enabled, the limit is $100,000 per 30-day rolling period.
For Intermediate or Pro accounts with 2FA disabled, the limit is $100 per 30-day rolling period.
The company claimed that Kraken Pay is free to use, with no charges for sending or receiving funds.
However, if a user needs to convert their assets (sending USD when holding Bitcoin), a conversion fee will apply.
No fee is charged if the user holds the exact currency being sent.
Users will need to disable the Global Settings Lock (GSL) in order to enable Kraken Pay.
Last month, Australian federal court ordered Kraken's local operator to pay a fine of A$8m ($5.1m) for unlawfully issuing a credit facility to over 1,100 customers, reported Reuters.
"Kraken launches Kraken Pay for instant crypto payments" was originally created and published by Electronic Payments International , a GlobalData owned brand.
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