How To Pay With Binance

Binance Pay revolutionizes the way we transact with cryptocurrencies, providing a secure and convenient payment solution. With Binance Pay, users can seamlessly send, receive, and spend cryptocurrencies for everyday transactions. In this article, we will explore the key features, benefits, and step-by-step guide on how to use Binance Pay.

Introduction

Binance Pay bridges the gap between digital assets and real-world transactions, making it easier than ever to integrate cryptocurrencies into our daily lives. Whether you want to pay for goods and services, split bills with friends, or book a hotel, Binance Pay has got you covered.

One of the key advantages of Binance Pay is its versatility. With support for over 80 cryptocurrencies, including Bitcoin, Ethereum, BNB, and stablecoins like USDT, USDC, and FDUSD, users have a wide array of options when it comes to making payments or receiving funds. It ensures flexibility and convenience for users in managing their digital assets.

Please note that Binance Pay is only available to eligible users in supported countries who have completed the identity verification process.

How Binance Pay Works

Binance Pay is straightforward to set up and use. Users can generate QR codes or payment links to request crypto payments, while recipients can scan these QR codes or use the provided links to make payments. This eliminates the need for traditional payment methods like credit cards or bank transfers, making transactions faster, more secure, and cost-effective.

Setting Up Binance Pay

To get started with Binance Pay, you need a Binance account and complete the identity verification process, also known as Know Your Customer (KYC) verification. Once verified, you can access Binance Pay through the Binance app or website.

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Step 1: Register on Binance

If you don’t have a Binance account already, head over to the Binance app or website and create one. Provide your email address and set up a secure password.

Register on Binance

Step 2: Complete KYC Verification

To use Binance Pay, you must complete the KYC verification process. This involves providing personal information and submitting identification documents for security purposes.

Complete KYC Verification

Step 3: Access Binance Pay

After completing the KYC process, you can access Binance Pay through the Binance app or website.

Binance app

On the app, tap the Binance Pay icon on the top right corner of the homepage or go to Wallets → Funding → Pay.

Access Binance Pay on the app

Website

On the website, log in to your account and go to More → Pay at the top menu.

Access Binance Pay on the website

Step 4: Set Up Your Binance Pay Account

If it’s your first time using Binance Pay, set up your account by creating a nickname and a secure Pay PIN. This PIN will be used to authorize transactions, so it’s crucial to keep it safe. Remember, do not share your PIN with anyone.

Set Up Your Binance Pay Account

Making Payments With Binance Pay

Once your Binance Pay account is set up, you can start making payments in just a few simple steps:

  1. Scan the recipient’s Binance Pay QR code.
    • If you are using the mobile version, you can click Send and enter the recipient’s email, phone number, or Binance ID (UID).

Scan QR code or enter recipient's details

  1. Select the cryptocurrency and enter the amount you want to send. You can also add a personalized message for the recipient.

Select cryptocurrency and enter payment details

  1. Review the payment details, including the recipient’s information, cryptocurrency, and amount.

  2. Confirm the payment by entering your Pay PIN or completing two-factor authentication (2FA).

Confirm the payment

  1. The payment will be processed instantly, and you’ll receive email and SMS notifications confirming the transaction.
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Payment confirmation

Receiving Payments with Binance Pay

To receive payments with Binance Pay, you can provide one of the following to the payer:

  • Your Binance account registered email
  • Your phone number
  • Your Binance User ID (UID)
  • Your Binance Pay QR Code
  1. Via QR Code: Tap Receive on the Binance Pay interface to generate a unique QR code. Share this QR code with the payer, who can then scan it to send you cryptocurrency.

Receive payments via QR code

  1. Via email, phone number, or UID: Provide one of them to the payer so they can use your details when making a payment via Binance Pay.

Share your details for receiving payments

Benefits of Using Binance Pay

Binance Pay offers numerous benefits for both individual users and merchants:

For individual users

  • Convenience: Binance Pay allows you to easily send, receive, and spend cryptocurrencies for everyday transactions, eliminating the need for traditional payment methods.
  • Cost-effective: Most Binance Pay transactions have zero fees, making it a cost-effective solution for peer-to-peer payments. Active users with higher transaction volume may have to pay fees after their monthly threshold is reached. In those cases, the fees will be displayed clearly to users before the payment is confirmed.
  • Borderless: Binance Pay is a global payment solution, enabling you to transact with users around the world.
  • Security: Binance Pay leverages advanced security measures, including two-factor authentication and secure encryption, to protect your transactions and personal information.

For merchants

  • Increased customer base: By accepting Binance Pay, merchants can tap into the growing community of cryptocurrency users and attract new customers.
  • Real-time payments: Merchants receive payments instantly, without the delays associated with traditional payment methods.
  • Low fees: Binance Pay eliminates the need for intermediaries, resulting in lower transaction fees for merchants.
  • Global reach: Merchants can accept payments from customers worldwide, expanding their potential customer base.
  • Dedicated support: Binance provides dedicated support to help merchants integrate and optimize Binance Pay for their businesses.

Closing Thoughts

Binance Pay is a revolutionary payment solution that empowers users to seamlessly integrate cryptocurrencies into their daily lives. With its user-friendly interface, a wide range of supported cryptocurrencies, and advanced security features, Binance Pay offers a convenient, cost-effective, and secure way to send, receive, and spend digital assets.

Remember, the value of digital assets can be volatile, and you should always make informed investment decisions. Consult appropriate professional advisors for financial or investment advice.

[Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third-party contributor, please note that those views expressed belong to the third-party contributor and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions, and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal, or other professional advice. For more information, see our Terms of Use and Risk Warning.]

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