What is Binance Pay?
By Olamide udoka
15/06/22
Table of contents
- What is Binance Pay?
- How to use Binance Pay
- Benefits of using Binance Pay
WHAT IS BINANCE PAY?
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.
HOW TO USE BINANCE PAY
How to make payments with Binance Pay?
1.There are 4 ways to access Binance Pay on your mobile:
A.Tap on the QR code scanner from the App homepage and scan your recipient’s Binance Pay QR code;
B.Tap on the [...] on the App homepage and tap [Send]. Enter the recipient’s email, phone number, Binance ID(UID) or Pay ID;
C.Goto [Wallets] - [Funding] - [Pay] to enter Binance Pay and tap [Send]. Enter the recipient’s email, phone number, Binance ID(UID) or Pay ID;
D.Long-press the Binance App icon from your mobile home screen, and tap [Scan] to open up the QR code scanner. Scan your recipient’s Binance Pay QR code.
2. After scanning or entering the details of your recipient, the system will redirect you to the cryptocurrency list page. You can check the available balance in both Funding and Spot Wallet. If no assets are available, you should first transfer funds to your Funding or Spot Wallet.
3. Enter the amount. Then tap [Continue].
4. The system will automatically utilize the funds in your Funding Wallet for the payment. To change your payment method, tap [Funding Wallet] and you can use the funds in your Spot Wallet. Tap [Confirm] to continue.
5. Enter your Pay PIN to verify the payment.
6. Then you will see the payment details once it is complete. You will also receive an email confirmation.
How to receive payments with Binance Pay?
There are two options to receive cryptocurrency.
1. Via QR code
1.1 Go to [User Center] - [Pay], and tap [Receive]. Or you can directly tap on the [...] on the App homepage and tap [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 tap [Add Amount].
For example, you want to receive BNB from your friend. Select BNB under [Currency] and enter the amount (optional). You may add a note as well. Binance Pay will generate a unique QR code based on the payment details. Simply send this QR code or your Pay ID to your friend to receive cryptocurrency payment.
2. Via email address/phone number/Binance ID(UID)/Pay ID
You can also send your Binance account’s email, phone number, Binance ID or Pay ID to the sender to receive cryptocurrency payment.
Please note: Pay ID is different from Binance ID(UID). Pay ID is generated from Binance Pay and used specifically for receiving cryptocurrency. Your Binance ID is your Binance unique identifier that is used for distinguishing your account.
After the payment is successfully completed, the funds will be reflected in your [Wallets] - [Funding] - [Pay] - [Payment History].
BENEFITS OF USING BINANCE PAY
1. 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 pay, 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 Binance Pay, digital payments will slowly become an integral part of everyday life. Curious about how Binance Pay lets you send crypto to non-Binance users? Read on to find out.
CONCLUSION
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.
To signup on Binance, click the link below
https://accounts.binance.com/en/register?ref=383158283
Click the link below to follow Binance Africa on Twitter
https://twitter.com/BinanceAfrica
To join the Nigeria Binance telegram community click the link below
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https://www.facebook.com/BinanceNigeria/
To follow Binance Africa on instagram, click the link below
