Binance Pay is a cryptocurrency payments system created by Binance, the world’s most popular crypto exchange. Binance Pay allows users to send crypto to their friends or spend cryptocurrency at supported merchants without having to pay any fees. In most cases, transactions on Binance Pay are completed instantly, and the platform also supports over 40 different cryptocurrencies.?

It’s also possible to use Binance Pay to send crypto to users who don’t have a Binance account. In this example, the intended recipient would receive an email or text message inviting them to join Binance Pay and receive your crypto payment. ?

How does Binance Pay work?

To use Binance Pay, you’ll need to first install the Binance mobile app, which is available on both the iOS and Android platforms. 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.

Create Binance Account

After you’ve created a Binance account, installed the Binance app and verified your identity, you’re ready to use Binance Pay.?

On Binance Pay, all users get to choose a nickname. 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.?

Binance Pay also lets you generate QR codes that can be scanned for easy payments. For example, you can generate a QR code for a payment of 0.1 $BNBand send it to a friend. By scanning the code, your friend can easily make the payment through Binance Pay.?

Let’s go through a quick example of using Binance Pay to make payments and receive crypto.?

Making a payment

The Binance app’s interface provides different methods of accessing the Binance Pay feature.

• If the recipient has sent you a Binance Pay QR code, you can make the payment by scanning it
• You can tap the […] menu on the Binance App homepage and select “Send”
• You can go to Binance Pay through the “Pay” section of the “Wallets” menu and select “Send”

Whether you choose to scan a QR code or enter the recipient’s email, phone number or Binance Pay ID, you will then have to select which cryptocurrency you want to send. You can use cryptocurrencies that are in your Funding Wallet or your Spot Wallet. The Funding Wallet is the default option, but you can change it to Spot Wallet if you wish.?

After you select the type and amount of cryptocurrency that you want to send, the Binance Pay platform will ask you to confirm the details of the recipient. Make sure that you have entered the right details. In the example image below, the recipient’s email is used (phone number and Binance Pay ID are also options).?

If the payment details are good to go, you’ll have to do another confirmation. Check if the payment details, payment method and selected cryptocurrency all check out. Note that you will need to use the 6-digit PIN you created earlier to verify the payment.?

Receiving crypto

Binance Pay is of course also a great option for receiving crypto. In order to see your Binance Pay details, go to “User Center” → “Pay” in the Binance app. Then, select “Receive”. The platform will show you a QR code and your Binance Pay ID.?

You can save the code and share it with the person that will be making the payment to you. By selecting “Add Amount”, you can also generate a customized QR code by specifying the type and amount of cryptocurrency it represents. For example, you can create a code that will prompt the other person to send 1 LTC, 0.001 BTC, and so on. This customized code can also have a note to remind the sender what the purpose of the payment request is.

If you prefer not to use a QR code, you can also give the sender the email address associated with your Binance account, or your Binance Pay ID.?

The funds you receive through Binance Pay will go to your Funding Wallet.

Shopping with Binance Pay

Binance Pay has more use cases beyond just simple transfers among individuals. You can shop at supported businesses with Binance Pay by using the Binance Marketplace. To see the list of businesses that support Binance Pay, click here. There’s a solid selection of businesses available, including travel booking (Travala), gift cards (Bitrefill, Coinsbee and CryptoRefills), cryptocurrency miners (Uminers) and more.?

When shopping at a business through Binance Marketplace, you’ll be able to complete the payments using Binance Pay. The interface will guide you through the simple payment process. Here’s an example of booking service Travala prompting the user to complete the payment through Binance Pay.

The Binance Visa Card

Another great payment option offered by Binance is the Binance Visa Card, which allows you to spend cryptocurrency at more than 60 million merchants all around the globe that accept Visa. When using the Binance Visa Card to make a payment, your crypto balances on Binance will be automatically converted to fiat and sent to the merchant.?

How to get the Binance Visa Card?

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 $BNByou hold on Binance. The base cashback tier is 0.1%, but you can already get 2% cashback if you hold 1 $BNB. The higher tiers are harder to achieve for the average user, as the $BNBrequirements get quite high.?

You can use both Binance Pay and the Binance Visa card through the same wallet on Binance, which makes it very simple to get the benefits from both services.?

The bottom line

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 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.?

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