Another thing that you have to keep in mind is that Binance requires all users to verify their identity, and this is also a necessary step before you can use Binance Pay. Binance Pay payment method will appear in the list of payments in your store’s shopping cart. You can view and check which merchants are currently supported on the Binance Pay service through the Binance Marketplace.

How Binance Pay Works

Choose wisely, as you won’t be able to change this nickname after selecting it. When creating your Binance Pay account, you will also have to set a 6-digit PIN code that you will be using to confirm payments. Whether you’re a newbie or an expert, there are many ways that you can choose to transfer crypto assets.

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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. Pay makes it easy to send crypto directly from the Binance.US mobile app.

How Binance Pay Works

The withdrawals follow a Dec. 13 Reuters report that the U.S. A big advantage of the Binance Visa Card is that you can get a crypto cashback on your purchases, which can get as high as 8% at the highest cashback tier. The cashback is paid in the Binance Coin (BNB) token, and the percentage you get depends on how much BNB you hold on Binance. The base cashback tier is 0.1%, but you can already get 2% cashback if you hold 1 BNB.

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The transfer is instant, so there is no waiting for settlement time. For Binance pay payments, the funds are managed under “Binance funding account wallet”. This makes crypto transactions impractical for small payments and hurts the overall adoption. Users looking to send staked assets will need to go through the unstaking process, outlined here, before sending crypto that has been previously staked. Any Binance.US mobile app user who has verified their identity can use the Pay feature on Binance.US.

  • Pay is a free service included in the Binance.US mobile application.
  • Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.
  • Always report any suspicious activity to our Customer Service team.
  • A user ID is a global identifier on the Binance platform and includes other services.
  • Some of the most important include its zero processing fees and instant transactions.
  • And this need is especially important for less tech-savvy folks joining the system.

The higher tiers are harder to achieve for the average user, as the BNB requirements get quite high. The funds you receive through Binance Pay will go to your Funding Wallet. After you’ve created a Binance account, installed the Binance app and verified your identity, you’re ready to use Binance Pay.

The Benefits of Binance Pay

With Binance Pay, users can seamlessly send and receive crypto across borders. As long as you and the other party have access to the Binance app, payments can be made. However, one of the biggest challenges with crypto payments is the withdrawal fees. When you send crypto from one wallet or exchange https://www.xcritical.com/ to another, you have to pay blockchain fees ranging from $0.2-$10. Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally. In addition to cryptocurrency trading, it offers several services that enhance the experience for users and blockchain developers.

You can even send crypto on the spot simply by scanning the recipient’s QR code, making it very convenient for fast transactions. Binance Pay is a great way to send crypto without incurring any extra fees or waiting for long transaction confirmation times. If you have friends and family who have their own Binance accounts, Binance Pay can be a very https://www.xcritical.com/crypto-payment-solution/ efficient way of sending crypto to one another. There’s of course also the Binance Marketplace aspect, which lets you purchase useful products and services like travel booking and gift cards with crypto. In comparison to most other crypto payment options, Binance Pay also distinguishes itself by supporting more than 40 different cryptocurrencies.

What Is Binance Pay? Shop, Send and Receive Crypto With Zero Fees

Binance offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin (BTC), ether (ETH), litecoin (LTC), dogecoin (DOGE), and its own coin, BNB. Binance is a crypto-to-crypto exchange service that got its start in 2017 in Hong Kong. It has since grown into one of the world’s most popular crypto exchanges. In addition to trading, Binance offers savings options, the Binance Smart Pool for miners, the Binance Visa card, crypto loans and more. In a nutshell, Binance Pay is a seamless payment platform for cryptocurrencies. It lets you transfer funds to other registered users and merchants for private and business purposes.

Some traders prefer to directly convert their fiat currencies to crypto on a spot exchange. When you receive funds, they will land in your Binance funding wallet. You need to transfer funds to your spot or margin wallet for trading, or you can withdraw it using the standard method. Binance Pay has more use cases beyond just simple transfers among individuals.