What Is Binance Pay, And What Are The Benefits Of Using It?
Binance Pay, a contactless, borderless, and secure cryptocurrency payment service, launched in February 2021. Binance Pay allows you to shop with cryptocurrency and send cryptocurrency to friends and family all across the world at no additional cost.
Binance Pay is a new service from the world’s largest cryptocurrency exchange that allows users to make and receive cryptocurrency payments without incurring transaction fees. Binance Pay is a service that is only available to Binance users. It may be used by merchants and individuals.
Unregistered Binance users can receive crypto payments via Binance Pay, but they can only redeem them after creating an account, verifying it, and activating the Pay feature.
How to Register for a Binance Pay Account.
If you already have a Binance account, activating the Binance Pay service is easy. Otherwise, you must first create a Binance account and verify your identity.
Step 1: Navigate to the [Funding Wallet] page in your Binance account through the browser, desktop, or mobile app.
Step 2: To access the Binance Pay feature, go to the [Pay] or [Receive] buttons on the Funding Wallet page.
Step 3: Creating a unique username and a six-digit Personal Identification Number (PIN) is important because this PIN will be used to authorise spending on your account.
If you already have an active Binance username from elsewhere in the Binance ecosystem, such as the P2P platform, it will be filled in here automatically and you will not be able to modify it.
Step 4: Accept the terms of service by clicking the checkbox and then clicking (tapping) the [Activate] button. Your account’s Binance Pay service has now been enabled.
Binance Pay: How to Use It.
It’s time to start receiving and sending payments from friends and family, as well as paying merchants on the Binance Pay Marketplace, now that you’ve enabled your Binance Pay feature.
How to Use Binance Pay to Send Cryptocurrency.
Binance Pay makes it very easy to send and receive cryptocurrency. Here’s how it’s done:
Step 1: Select [Funding Wallet] from the dropdown list by clicking the [Wallet] icon on the web or desktop application. Click the [Pay] button on the [Funding Wallet] page.
Step 2: Request that the receiver provide their Binance account’s Pay ID, email, or phone number. In this process, these details will be utilised. Depending on the information you know about the receiver’s account, select the relevant choice as indicated below.
Step 3: This step requires you to choose the currency you want to send and how much of that currency you want to send, as well as an optional remark to your recipient.
Step 4: You have the ability to alter which wallet the money are debited from at the final step. You can choose between the Spot and Funding wallets.
Step 5: Check that all of the other details, such as the recipient’s email address, Pay ID, or phone number, are right after you indicate which wallet you wish to use to make the payment. To send the funds, click “Confirm.”
How to Receive Cryptocurrency using Binance Pay.
To receive funds from another Binance Pay user, simply follow the procedures below.
Step 1: Go to the [Funding Wallet] tab after logging into your Binance account. The [Receive] button should be selected.
Step 2: You can send the QR code to your counterparty by storing it to your local disk on your smartphone or desktop computer. Click the [Save QR] button below the QR code to save it.
You have the option of specifying the specific quantity of assets you want from your payer, as well as including a unique remark. To finalize the transaction, click the [Confirm] button.
Binance Pay Has a Lot of Benefits.
Binance Pay has a lot of benefits. Among them are:
_ Binance Pay supports over fifty cryptocurrencies, a number that is always expanding as Binance supports new assets.
_ The Binance Pay service allows you to send and receive payments for free.
_ Binance Pay is part of the larger Binance ecosystem, which includes trading services, staking, investing, mining, buying and selling cryptocurrencies, spending via Binance Card, and several more. Having Pay as part of this ecosystem makes it easy to spend your crypto without first converting it to fiat through third-party services.
_Travala, Coinsbee, Cryptorefills, CS.Deals, Cybertino, L’exception, and Shopping.io are just a few of the merchants or businesses that are now available on the Binance Pay marketplace. As additional merchants sign up for the service, users will have access to a more varied marketplace in the future.
Have you registered with Binance pay yet? You’re passing up a lot of crypto opportunities. To join, simply click HERE!
You may purchase crypto with cash from Binance via bank transfer or card methods, or you can buy crypto with cash from other sellers on Binance P2P.
P2P Buy/Sell https://p2p.binance.com/en?ref=36687617
Conclusion
Binance Pay is a fantastic addition to the Binance ecosystem, allowing users to send and receive payments for free. The service is quick, convenient, and simple to use, and it is available on the web, desktop, and mobile devices.
