WHAT IS BINANCE PAY?

26/01/2022

By Damilola Ogungbayi

Key points

• what is Binance Pay?
• How to use Binance Pay?
• Benefits of using Binance Pay

• INTRODUCTION TO 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 anyone and anywhere. Binance Pay is currently only available to eligible users on Binance.com. To start using Binance Pay, please register on Binance.com and complete your identity verification.

• HOW TO USE BINANCE PAY ON BINANCE APP?

You can access Binance Pay from the Binance App with just a few taps.

• How to set up your Binance Pay

1. Log in to your Binance account on the Binance App and go to [Profile] - [Pay], tap [Open Binance Pay].
2. You can also access Binance Pay by tapping [Wallets] - [Funding] - [Pay], tap [Open Binance Pay].
3. Enter a Nickname and accept the terms of use.Take note that Once you create your nickname you cannot change it.
4. Set a Pay PIN for your account. Never share your PIN with anyone.
5. Your account setup is now complete. You can start using Binance Pay.

• How to make payments with Binance Pay?

1. Tap on the QR code scanner from the App homepage and scan your recipient’s Binance Pay QR code.Or you can just go to [Wallets] - [Funding] - [Pay] to enter Binance Pay and tap [Send]. Enter the recipient’s email, phone number, or Pay ID.
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. You will see a pop-up with the payment details.After reviewing the details tap [Confirm].
5. 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.
6. Enter your Pay PIN to verify the payment.
7. 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.

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 BTC from your friend. Select BTC 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/Pay ID

You can also send your Binance account’s email, phone number or Pay ID to the sender to receive cryptocurrency payment.

Note: Pay ID is different from User ID. Pay ID is generated from Binance Pay and used specifically for receiving cryptocurrency. Your User 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].

• How to Send Crypto to Non-Binance Users with Binance Pay?

Binance Pay allows you to send crypto from the comfort of your own phone. Use the Binance app to transfer crypto with a few simple taps.

1. Open to your Binance app, go to Binance pay by tapping on Profile] - [Pay], tap [Send].
2. Enter your recipient’s email address, phone number, or Pay ID and click ‘Continue’.
3. You will be notified if your recipient is not a Binance user. Click ‘Continue’ to move on to the next step.
4. Choose your preferred currency and amount you want to send and click ‘Continue. You can also choose to include an optional note with your transfer.
5. Check that all details are correct and click ‘Confirm’.
6. you see a payment success screen, click ‘Done’.

Important Note:

Once you have completed the steps, your recipient will receive a notification in their email inbox or phone, depending on which information you provided in Step 2. In order for them to receive the crypto, they will have to create a Binance account and activate Binance Pay with the same email address or phone number that you have provided,these most be done within 3 days in order for their crypto not to expire.

• 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 Binance app. 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.You can send crypto online instantly with Binance Pay.

Binance Pay operates on a user-to-user basis to avoid 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

Unlike Traditional money transfer fees that can add up because of foreign exchange charges, handling charges. 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. 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

With Binance Pay you can also transfer crypto to non-Binance users as long a

CONCLUSION

Binance Pay is an optimal solution for sending crypto to anyone, anywhere, with speedier transfers and zero fees, it is only a matter of time before it becomes the preferred mode of transfer and payments.Binance Pay is currently only available to eligible users on Binance.com. To start using Binance Pay, please click on the link below

https://pay.binance.com/en?ref=331234001