Binance Pay; Pay and get Paid in Crypto.
Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance. Binance Pay allows you to pay and get paid in crypto from your friends and family worldwide. Let us understand how this new crypto payment technology closes up the circle for our different users within the Binance ecosystem. Live the crypto lifestyle you always desired.
Unregistered Binance users can receive crypto payments through Binance Pay, but they can only redeem them once they create an account, verify it and activate the Pay feature. More than fifty digital assets are currently supported, giving Binance users a broad selection of assets to use when paying or receiving payment.
Think of Binance Pay as a PayPal alternative for the cryptocurrency industry. With PayPal, users can send, receive conventional money across borders and shop in their favorite stores. Binance Pay offers a similar proposition allowing its users to spend their crypto on supported merchants such as Travala or simply send and receive crypto from friends and family.
You can view and check which merchants are currently supported on the Binance Pay service through the Binance Marketplace. The complete list of merchants utilizing Binance’s Pay feature includes Travala, Coinsbee, Cryptorefills, CS.Deals, Cybertino, L’exception, and Shopping.io. Also, it is worth noting that the list is continuously growing.
Setting Up Binance Pay on —
- Log in to your Binance account on the Binance Website and go to [Profile] - [Wallet] - [Funding Wallet] - [Pay].
2. If this is your first time using Binance Pay, follow the instructions below to activate your Binance Pay account. Enter a nickname and Pay PIN, click [Activate].
- Once you create your nickname, you cannot change it.
- Never share your Pay PIN with anyone. Binance will not be responsible for any loss of, unauthorized disclosure, or use of your PIN.
- You need to complete your identity verification before you can start using Binance Pay.
3. Your Binance Pay feature will be activated, and you will be redirected to the Binance Pay page. Enter the recipient’s email, phone number, or Pay ID, then click [Continue].
4. Enter the amount. Then click [Continue].
5. The system will automatically utilize the funds in your Funding Wallet for the payment. To change your payment method, click [Funding Wallet] and you can use the funds in your Spot Wallet. Click [Confirm] to continue.
6. Enter your Pay PIN to verify the payment.
7. You will see the payment details once it is complete. You will also receive an email confirmation.
How to use Binance Pay on Binance App?
You can access Binance Pay from the Binance App with just a few taps.
1. Log in to your Binance account on the Binance App and go to [Profile] — [Pay], tap [Open Binance Pay].
Please note that once you create your nickname, you cannot change it.
3. Set a Pay PIN for your account. Never share your PIN with anyone.
4. Your account setup is now complete. You can start using Binance Pay.
How to receive cryptocurrency with Binance Pay?
1. Via QR code
1.1 Click [Receive] to generate your unique QR code and Pay ID.
1.2 Simply send this QR code to the other party and they can scan the QR code with the Binance App to send cryptocurrency to you.
1.3 If you want to specify the cryptocurrency and amount, you can click [Select Currency] and choose the cryptocurrency you wish to receive, and enter the amount.
1.4 Binance Pay will generate a unique QR code based on the payment details. Simply send this QR code or your Pay ID to the sender.
2. Via email address/phone number/Pay ID
You can also send your Binance account’s email, phone number or Pay ID to the sender, upon which the sender can, then enter the related information to send you cryptocurrency.
Please note: Pay ID is different from User ID. Pay ID is generated from Binance Pay and used specifically for receiving cryptocurrency. Your User ID is your Binance unique identifier that is used for distinguishing your account.
After the transaction is completed, the cryptocurrency will be reflected in your [Transaction History].
Benefits of Using Binance Pay
Binance Pay allows you to instantly send and receive crypto across the globe. As long as you and your recipient have access to the free Binance app, you can send crypto anywhere around the world. International money transfers that typically require access to financial facilities can be done with the touch of a button on the Binance app.
2. Instant payment
Unlike traditional money transfer systems that require some time to process and send, you can send crypto online instantly with Binance Pay. Typically, delayed money transfers are caused by bank holidays, multiple intermediaries, missing paperwork, and other factors. Binance Pay operates on a user-to-user basis to avoid these types of delays, therefore allowing speedier transfers for you to get your crypto across faster. You can even send crypto to someone on the spot by scanning their Binance Pay QR code with your Binance app, making it a good payment option to offer if you are a merchant looking to accept cryptocurrencies as payment.
3. 300+ cryptocurrencies to choose from
Binance Pay offers a wide variety of cryptocurrencies to pick from. With over 300 cryptocurrencies supported, you can select your favorite crypto to send or receive.
4. Zero fee
Binance Pay allows users to send and receive crypto without incurring any fees or charges, no matter how little or how much crypto you send. Traditional money transfer fees can add up because of handling charges, foreign exchange charges, and other miscellaneous fees. Generally, the more intermediaries there are between you and your recipient, the higher the fees. Binance Pay facilitates user-to-user transfers, which means that there are no intermediaries or fees that come with them.
5. Send to non-Binance users instantly
You can also transfer crypto to non-Binance users as long as they have access to the internet and a smartphone with the Binance app. This allows you to invite others who are not using the Binance app to start doing so, allowing for a breezy crypto transfer between you and your friend in the future.
With speedier transfers and zero platform fees, Binance Pay is an optimal solution for sending crypto to anyone, anywhere. As cryptocurrency and blockchain continue to disrupt the money transfer business, it is only a matter of time before it becomes the preferred mode of transfer and payments. Get ahead of the curve, and learn how Binance Pay can make your life easier.