What Is Binance Pay and Why Should You Use It?
Binance Pay is a new service from the world’s largest cryptocurrency exchange that allows customers to send and receive cryptocurrency payments for free. Binance Pay is a service that only Binance users have access to. Merchants and individuals can both utilize it.
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.
Binance Pay allows unregistered users to receive crypto payments, but they may only redeem them after creating an account, verifying it, and activating the Pay function.
How to Open a Binance Pay Account.
Activating the Binance Pay service is simple if you already have a Binance account. You must first register a Binance account and verify your identification if you do not already have it.
Step 1: Go to your Binance account’s [Funding Wallet] page using a browser, desktop, or mobile app.
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.
If you have an active Binance username from another area 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: Tick the box and then click (tapping) the [Activate] button to accept the terms of service. Binance Pay has now been activated in your account.
How to Use Binance Pay.
Now that you’ve enabled your Binance Pay feature, you may start receiving and sending payments from friends and family, as well as paying merchants on Binance Pay.
How to Send Cryptocurrency Using Binance Pay.
Binance Pay makes sending and receiving cryptocurrency very simple. Here’s how you do it:
Step 1: Click the [Wallet] icon on the web or mobile app to see the dropdown option and choose [Funding Wallet]. On the [Funding Wallet] page, press the [Pay] button.
Step 2: Request that the receiver gives the Pay ID, email, or phone number associated with their Binance account. These specific details will be used in this process. Select the right 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 identifying 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, is correct. Click Confirm to send the payment.
How to Use Binance Pay to Receive Cryptocurrency.
Simply follow the steps below to receive money from another Binance Pay user.
Step 1: After login into your Binance account, navigate to the [Funding Wallet] page. You should pick 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.
You have the option of requesting a specified amount of assets from your payer as well as adding a special note. Click the [Confirm] button to complete the transaction.
There Are A Lot Of Advantages To Using Binance Pay.
Binance Pay provides several advantages. Among them are the following:
_Binance Pay is a free service that allows you to send and receive funds.
_Binance Pay now supports over fifty cryptocurrencies, with the number growing all the time as Binance adds more assets.
_Travala, Coinsbee, Cryptorefills, CS. Deals, Cybertino, L’exception, and Shopping.io are just a handful of the merchants and businesses that now accept Binance Pay. Users will be able to access a more diverse marketplace in the future as more businesses sign up for the service.
_Binance Pay is a part of the greater Binance ecosystem, which includes trading, staking, investing, mining, buying and selling cryptocurrencies, paying with the Binance Card, and many more services. Pay’s inclusion in this ecosystem makes it simple to spend your cryptocurrency without having to first convert it to fiat via third-party services.
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
Final thoughts
Binance Pay is an excellent addition to the Binance ecosystem since it allows users to send and receive payments for free. The service is accessible via the web, desktop, and mobile devices and is quick, convenient, and easy to use.
