How to Send and Receive Crypto in Less Than 5 Seconds via Binance Pay
Binance pay is indisputably the quickest and easiest crypto payment channel for internal transfers
I have been regularly sending and receiving cryptocurrencies of different kinds in different exchanges for a very long time. Some payment channels are bit complex while some are bit simple to use. I came across this Binance’s new feature (Binance Pay) not long ago and it has now become my favourite payment channel for internal transfer on Binance simply because it’s the easiest, simplest and fastest payment channel of all the other channels I used before. You can absolutely come to realise that when you begin to use this Binance Pay feature.
In this article, I will talk about:
- What exactly is Binance Pay?
- Where exactly to use Binance Pay
- Benefits of using Binance Pay
- How to send crypto via Binance Pay; and
- How to receive a crypto via Binance Pay
What Exactly is Binance Pay?
Binance Pay is a new crypto payment feature on Binance app made and known to be borderless and, secured user-to-user payment channel that allows users to send and/or receive money on Binance to anyone anywhere around the globe. With Binance pay, you can send and receive crypto to any Binance user on earth.
Where Exactly to Use Binance Pay?
Binance pay can only be used and flexed by Binance users within Binance platform. This clearly means that Binance Pay is only used for internal transfer ( i.e. crypto transfer from one Binance user to another Binance user). It is not used for external transfer (i.e. crypto transfer from one Exchange user to another different Exchange user. Example, sending crypto from Binance Exchange to Luno Exchange. It doesn’t work that way!)
Benefits of Using Binance Pay
Binance pay is extremely full of benefits. These benefits are:
i. Borderless: 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.
ii. 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.
iii. 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 favourite crypto to send or receive.
iv. 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.
v. Send Crypto 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 Binance Pay, digital payments will slowly become an integral part of everyday life. Curious about how Binance Pay lows you to send crypto to non-Binance users? This is how it works; Once you have completed the transaction steps, your crypto receiver will receive a notification in their email inbox or phone, depending on which information you provided in as the means of payment, saying “In order to receive your crypto, you will have to create a Binance account and activate Binance Pay with the same email address or phone number that provided”.
How to Send Crypto via Binance Pay
In order to send crypto via Binance Pay feature, simply follow the steps as shown below:
1. Open your Binance app and login to your account. Not yet on Binance? Simply click here to sign up for your Binance account.
2. Tap on the ‘MORE’ icon at the centre of your screen
3. Goto ‘Finance’ Category and tap on the ‘Pay’ icon
4. Select ‘Send’ to proceed
5. Select the best and suitable means of payment which could be the recipient’s registered Phone number, registered Email address, Binance Pay ID or Binance User ID. Fill in where necessary and tap on ‘continue’ to proceed.
6. Select the crypto you wish to send and set the exact amount you intend to send. A random crypto may be set or appear as a suggestion for which you intend to send, to change it; simply tap on it and select the one you wish to send. Set amount and tap on ‘continue’
7. Confirm your payment source and payment currency. Tap on ‘continue’ to proceed. This will proceed to authenticate your transaction and finalise the transfer.
Once these steps are completed, the payee (recipient) will be notified on the the transaction in less than 3 seconds. The funds land in the receiver’s Funding Wallet. They can simply transfer them to their Spot Wallet for further use.
How to Receive Crypto via Binance pay
To receive a crypto payment, simply follow the steps below:
1. Open your Binance app and make sure that you’re logged in.
2. Tap on the QR scanner there at the top side of your screen
3. Tap on the ‘Receive’ icon to generate your QR or find your Binance Pay ID as well
4. Send the crypto payer the QR you generated in form of image or copy your Binance Pay ID and send it to the payer or simply send the payer your registered Phone number or email address for the payment. Binance accepts any of those items listed above as the means of payment via Binance Pay feature.
Once the payer receives your means of payment, they will easily make the payment; and once the payment is done, you’ll be notified via your registered email or Phone number. The paid crypto arrives in less than 5 seconds after the transaction’s completion.
To track you crypto, simply goto your Wallet > Funding Wallet. You can transfer it to your Spot wallet for further use or leave it there.
Here’s the end of it, with no any iota of doubt; I believe you’re now familiar with:
- What exactly is Binance Pay?
- Where exactly to use Binance Pay
- Benefits of using Binance Pay
- How to send crypto via Binance Pay; and
- How to receive a crypto via Binance Pay
Try it today and let the joy of using Binance Pay find you.
Not yet on on Binance? Simply click here to sign up for a Binance account and enjoy sign up bonus worth $300 cash-back voucher after completing some little tasks.
Wonder how to register? Click here for a detailed description on Binance Registration Step-by-Step. Thank you.
Altaaf The Binancian.
