What Is Binance Pay And How Does It Work?
Binance Pay is a new feature from the world’s largest cryptocurrency exchange that allows customers to send and receive crypto for free. Binance Pay is a service that only Binance users have access to. Merchants and people can both utilize it.
Introduction
Binance Pay was introduced in February 2021 as a contactless, borderless, and secure cryptocurrency payment service. Binance Pay is a free service that allows you to shop with crypto and transfer cryptocurrency to friends and family all around the world.
This lightning-fast and simple-to-use crypto payment system enables both large and small businesses to accept crypto payments such as Bitcoin, Ethereum, BNB, BUSD, and a wide range of other accepted cryptocurrencies via online, peer-to-peer, and person-to-person transactions.
Binance Pay allows unregistered users to receive crypto payments, but they may only redeem them after creating an account, authenticating it, and activating the Pay service.
Consider Binance Pay to be the PayPal of the cryptocurrency world. PayPal allows customers to send and receive traditional money across borders as well as purchase at their favourite shops. Binance Pay provides a similar service, allowing users to spend their cryptocurrency at supported merchants like Coinsbee or just send and receive cryptocurrency from friends and family.
How to Open a Binance Pay Account
It’s simple to use Binance Pay if you already have a Binance account. Otherwise, you’ll need to open a Binance account and verify your identity first.
Step 1: From your Binance account’s browser, desktop, or mobile app, go to the [Funding Wallet] page.
Step 2: On the Funding Wallet page, click the [Pay] or [Receive] buttons to activate the Binance Pay function.
Step 3: Make a unique username and a six-digit Personal Identification Number (PIN), which will be used to authorize spending on your account.
Note: For ideas on keeping your Pay PIN safe, see our post on how to avoid phishing scams on Binance and secure your account.
If you have an active Binance username from another part of the Binance ecosystem, such as the P2P platform, it will be automatically filled in here and you will not be able to change it.
Step 4: Check the box and then click (tap) the [Activate] button to accept the terms of service. Binance Pay has now been activated in your account.
What is Binance Pay and How Do I Use It?
It’s time to start receiving and making payments from and to friends and family, as well as paying merchants on the Binance Pay Marketplace, now that you’ve enabled your Binance Pay feature. Let’s start with the received from the user.
How to Use Binance Pay to Receive Cryptocurrency
Simply follow the steps below to receive money from another Binance Pay user.
Step 1: After signing into your Binance account, go to the [Funding Wallet] page. Select the [Receive] button.
Step 2: Save the QR code to your smartphone or desktop computer’s local drive and transmit it to your counterparty. To save the QR code, click the [Save QR] button below it.
A button for picking a cryptocurrency to receive appears beside the [Save QR] code button. By clicking on the asset you wish to receive and opening the currency option box, you may alter the asset you want to receive.
You can provide the exact number of assets you require from your payer, as well as a special note. Press the [Confirm] button to complete the purchase.
How to Send Cryptocurrency Using Binance Pay.
Binance Pay makes sending and receiving crypto really simple. Here’s how you do it:
Step 1: On the web or desktop application, click the [Wallet] icon and select [Funding Wallet] from the dropdown list. On the [Funding Wallet] page, click the [Pay] button.
Step 2: Ask that the receiver give the Pay ID, email, or phone number associated with their Binance account. These particulars will be used in this procedure. Select the appropriate option from the list below based on the information you have about the receiver’s account.
Step 3: Select the currency you want to send, as well as the amount of that currency you wish to send, as well as an optional note to your receiver.
Step 4: In the final step, you can change which wallet the money is deducted from. You have the option of using the Spot or Funding wallets.
Step 5: After indicating which wallet you want to use to make the payment, double-check that all of the other data, such as the recipient’s email address, Pay ID, or phone number, are correct. Click [Confirm] to send the payment.
How to Send Crypto to People Who Don’t Use Binance.
Binance Pay allows users to send cryptocurrency directly from your phone. To transfer crypto in a few simple steps, use the Binance app.
Step 1: Open the Binance app, select Binance Pay, and then press “Send.”
Step 2: Click “Continue” after entering your recipient’s email address, phone number, or Pay ID.
Step 3: If the receiver is not a Binance user, you will be told. To go on to the next phase, click [Continue].
Step 4: Click “Continue” after selecting your preferred currency and the amount you wish to transfer. You may also attach a note with your transfer if you want to.
Step 5: Double-check that all of the information is correct, then click “Confirm.”
Step 6: When you see the [Done] button, it means the payment was successful.
The Advantages of Using Binance Pay.
There are several advantages to using Binance Pay. There are several of them:
_Binance Pay enables you to send and receive cryptocurrency instantly from anywhere on the planet. If both you and your recipient have the Binance app, you may transfer crypto to anybody on earth. International money transfers that would normally require access to financial institutions may now be accomplished with the touch of a button thanks to Binance.
_Binance Pay is a part of the larger Binance ecosystem, which includes trading, staking, investing, mining, buying and selling cryptocurrencies, spending with the Binance Card, and several more verticals. Pay’s inclusion in this ecosystem makes it easy to spend your cryptocurrencies without first converting them to fiat via third-party services. It’s also quick because the client skips the conversion process and uses the crypto they already have in their Binance accounts.
_Binance Pay has a large number of cryptocurrencies to choose from. With over 300 cryptocurrencies available, you may transfer or receive your preferred cryptocurrency.
_You may even send crypto to non-Binance users if they have an internet connection and the Binance app on their smartphone. This allows you to invite those who aren’t yet using the Binance app to do so, allowing you and your buddy to make an easy crypto transfer in the future.
_Like traditional money transfer methods, which take time to process and send, Binance Pay allows you to send crypto online quickly. Bank vacations, several middlemen, missing documentation, and other common causes commonly cause money transfers to be delayed. To prevent these sorts of delays, Binance Pay runs on a user-to-user basis, allowing for quicker transfers for you to get your crypto across. You can even send cryptocurrency to someone on the spot by scanning their Binance Pay QR code with your Binance app, making it a handy payment option to provide if you’re a merchant accepting cryptocurrencies.
_Travala, Coinsbee, Cryptorefills, CS Deals, Cybertino, L’exception, and Shopping.io are among the dozens of merchants and shops presently available on the Binance Pay marketplace. Users will have access to a more diversified marketplace in the future as additional merchants join the service.
Have you yet to sign up for Binance Pay? You’re missing a lot of cryptocurrency opportunities. Click HERE to join!
You may buy crypto with cash from Binance using a bank transfer or credit card, or you can buy crypto with cash from other Binance P2P merchants.
P2P Buy/Sell https://p2p.binance.com/en?ref=36687617
Conclusions
Binance Pay is a great addition to the Binance ecosystem since it allows users to send and receive payments for free. The service is quick, convenient, and simple to use, and it can be accessed via the web, desktop, and mobile devices.
This comprehensive guide highlights that sending and receiving cryptocurrency with Binance Pay is a simple process. Anyone with a verified Binance account is eligible to access the service.
