Kraken Launches Pay: Instant, Free Cross-Border Payments

Cryptocurrency exchange Kraken has launched a new service, Kraken Pay, enabling users to send money to anyone, anywhere in the world using a wide range of fiat and cryptoassets. The service aims to make cross-border and multi-currency payments as easy, cheap, and instant as sending a text message or a photo.

Kraken Pay allows users to choose from over 300 fiat and cryptoassets to send to anyone, anywhere in the world for free. The process takes seconds and is free, with Kraken managing both asset conversion and settlement transfer in one step. This means users only need to choose an asset from their account and then choose which asset the recipient wants to receive.

Sending payments is as easy as sending a text using a paylink. A paylink is a simple and secure URL that can be sent using any messaging service, like SMS and WhatsApp. The recipient simply clicks on the paylink to accept payment. If the recipient doesn’t have a Kraken account, they can still receive a broad range of fiat and cryptoassets using a paylink by setting up a Kraken account after clicking on the paylink.

Kraken Pay also introduces a unique identifier for users, called a @Kraktag. A @Kraktag is a simple and secure unique identifier for Kraken Pay users. Use it to send and receive payments — either in crypto or fiat currency. Friends and family can simply enter your designated @Kraktag to send payments instead of needing to enter your full bank account details. No two @Kraktags are the same and you can customize your @Kraktag so that loved ones can find you in the Kraken App.

Kraken Pay is available for Kraken clients now! Choose from 300+ fiat and cryptoassets and send payments to anyone, anywhere in the world for free. Geographic restrictions apply. Instant buy/sell fees apply when you convert one asset or currency to another when making a transfer. Please see the fee schedule for more information. Applicable fees will be shown before you make a transfer.