Binance Pay is basically a secure, borderless, and contactless cryptocurrency payment method developed by Binance. This technology enables you to pay and receive payments in crypto from your family and friends globally. Now you can enjoy the crypto lifestyle that you’ve always wanted.
How to use Binance Pay
You can easily access this method from the application with some simple clicks.
- Firstly, you will require entering a nickname and accepting its terms and conditions.
- Now, set a pin number for your account and avoid sharing it with others.
- Now your account setup is done, and you are free to use Binance Pay.
This facility is presently accessible for only eligible customers on the Binance platform. To begin using the service of Binance pay, you will have to sign in on the website and perform your identity verification.
At present, it supports over 30 cryptocurrencies, comprising SXP, EGLD, ONE, STRAX, FRONT, USDT, ZEC, XTZ, XRP, MXR, XLM, WRX, VET, USDC, UNI, TUSD, TRX, QTUM, PAX, NEO, MATIC, LTC, LINK, HBAR, FIL, ETC, EOS, DOT, DOGE, DASH, BCH, ATOM, ADA, ETH, BUSD, BNB, and BTC.
Typically, Binance pay transactions are verified immediately. But, thanks to the compliance needs, you will need to utilize the money within 24 hours after receiving it.
How to finish your payments via Binance Pay?
Use the option “continue with binance” for creating your account on the Binance application and finish your payments in cryptocurrency using Binance pay.
- Receive and make payment with crypto: It lets you send crypto to your family and friends globally or shop with crypto.
- Spend and send crypto at 0 fees: You don’t need to pay unfair charges and expenses now. With Binance pay, you can receive and send crypto with zero costs.
- Pay and shop with crypto: Spend crypto at businesses and stores that support the services of Binance pay. You can also book your travel with crypto.
One crypto wallet is enough to handle your payments
Manage and access money for both Visa Card and Binance Pay using just one wallet. By using the Binance card, you can easily spend and convert your preferred cryptocurrencies at over 60 million vendors globally.
Choose how to receive or make payments
This all-new payment exchange on Binance allows merchants and customers to pick their favorite payment modes. With more than thirty currencies supported, you can receive and make payments in BNB, Ethereum, Bitcoin, and more. By using Binance pay, customers can choose the sequence of the currencies wherein they want to receive and make payments. Customers can immediately send money between their Spot wallet and Binance Pay or take out cash to their preferred bank.
Whether users run a restaurant or e-commerce business, you can easily accept crypto payments using Binance Pay. The Merchant APIs of the this sytem let you process in-person payments or online payments using QR codes.
Benefits of Using Binance Pay
There are plenty of benefits of using binance pay, and some of them are mentioned below-
1. Borderless
Binance Pay is a technique that enables you to receive and send crypto across the world immediately. If you and your contacts have the Binance app installed, you can easily send crypto anywhere you want in the world. Global funds transfer that usually needs access to monetary facilities can be done by clicking a button on the application.
2. Quick payment
Unlike conventional funds transfer systems that need some time for sending and processing, you can effortlessly send crypto immediately using Binance pay. Usually, late funds transfers are caused by missing paperwork, multiple intermediaries, bank holidays, and other factors. Binance Pay runs according to the user-to-user for avoiding such delays, thus enabling faster transfers for you to send cryptocurrency across rapidly. Also, you can send crypto to a person easily by scanning their QR code with your applications. That makes it an excellent payment solution if you are a vendor and seeking to accept cryptocurrencies as your mode of payment.
3. More than 300 cryptocurrencies to pick from
Binance Pay gives different types of cryptocurrencies to choose from. With more than three hundred cryptocurrencies supported, you can easily select your preferred crypto to receive and send.
4. Zero fee
The application of Binance pays permits users to receive and send crypto without applying any charges or fees, despite how much or how little crypto you send. Conventional funds transfer charges can accumulate due to foreign exchange charges, handling charges, plus other miscellaneous charges.
Usually, the charges increase if there are more intermediaries between your recipient and yourself. Binance Pay allows user-to-user transfers, implying that you will not get fees or intermediaries that appear with them.
5. Transfer to non-Binance users right away
You can also send crypto to non-binance customers only if they can access the internet services and have a smartphone and installed Binance app. That enables you to invite your contacts who presently don’t use the application to begin doing so. That ultimately help for a windy crypto transfer among you and your connections in the future. Using Binance pay, virtual payments will gradually become an essential part of your regular life.
Conclusion With zero platform charges and faster transfers, Binance pay is the best option to send cryptocurrency to anyone and anywhere. As blockchain and cryptocurrency keep disrupting the cash transfer business, soon, it will become the most favored mode of payments and money transfer. So go ahead with the flow, and educate yourself on how it can help you make your life simpler.
