Binance Pay – payment service exchange Binance, enabling contactless international payments in digital currencies. The technology aims to make cryptocurrency a part of everyday life – quickly sending it to friends or relatives, paying for goods and services online, interacting with a Binance plastic card.
Binance Pay is now available for everyone to use verified customers. Criptomais experts analyzed the features and capabilities of this function, its advantages and disadvantages.
Binana Pay service page: https://pay.binance.com/
Briefly about the main thing
- Binance Pay is a payment system developed by a cryptocurrency exchange Binance.
- The service allows users to send and receive cryptocurrency payments almost anywhere in the world. It is available to verified Binance users and is convenient for mobile use. application.
- Binance Pay supports over 30 different cryptocurrencyincluindo Bitcoin, Ethereum, USDT e Binance Coin.
- Binance Pay does not require payment of transaction fees. It enables micropayments, which makes small purchases easier.
- With Binance Pay, you can pay for goods and services from merchants who accept cryptocurrencies.
- Possibility of direct transfer of funds between wallets Binance Pay makes fast transfers convenient.
- Binance Pay is part of Binance's strategy to expand the use of cryptocurrencies in everyday life.
- Binance Pay does not work in Brazil, like other Binance services.
general information
| Name | Binance Payment |
|---|---|
| Official website | https://pay.binance.com/ |
| Services | Payment provider |
| Release year | 2021 |
| Country of registration | Cayman Islands |
| Enterprise | Binance Holding LTD. |
| Mobile App | Yes |
| Working with decree | No |
| Verification | Mandatory |
| Transaction limits | $10,000 per day |
| Minimum bid | US$ 1 |
| Taxa | No |
| Criptomoedas | BTC, BNB, BUSD, ETH, ADA, ATOM, BCH, DASH, DOGE, DOT, EOS, ETC, FIL, HBAR, LINK, LTC, MATIC, NEO, PAX, QTUM, TRX, TUSD, UNI, USDC, VET, WRX, XLM, XMR, XRP, XTZ, ZEC, USDT, FRONT, STRAX, UM, EGLD, SXP |
| Deposit Methods | Cryptocurrency from an exchange account |
| Methods of use | Sending and {receiving} payments from individuals; paying for goods and services on the Binance Marketplace |
| Brazilian language | Yes |
| Reference materials | https://www.binance.com/pt/support/faq/3cd54320f57d45f6a0de711e9ee98ab0?ref=27695002, https://www.binance.com/pt/support/faq/d6fabc736d1f4e7fb60e56afe6d1f3b9/ |
| Agree | https://www.binance.com/pt/my/user-support/feedback/entry/ |
| Social media | https://vk.com/binance, https://twitter.com/binance, https://www.facebook.com/binance/, https://t.me/BinanceRusso |
Getting Started with Binance Pay
To use the Binance Pay service, you need a Binance exchange account. Create a Binance account by going through this verification personality.
The payment system currently only works from the mobile app, so download it to iOS or Android if you haven't already.
- Log in to the app.
- Click on the profile icon in the top left corner.
- Select the menu item called Remunerate.
- Click on the “Transfer wallet for payment” button.
- Set a last name to be used on your Binance Pay account.
- Set a PIN code.
- You will be prompted to top up your wallet immediately; you can do this immediately or delay it until later.
In other words, if you don't have a Binance Pay account yet but are trying to make a payment using a QR code, the exchange will automatically prompt you to create a payment service account.
In the future, you will always be able to access the payment system through the section Remunerate. Note that if you also use Binance Card so you will see this Payment wallet and card wallet are the same thing. All Pay and Card fund transfers are uniform and debited from one account.
Before you begin, you will also need to set your priority payment currency. To do this, simply drag and drop tokens into the list on the Binance Pay tab to arrange them in the desired order. This is necessary so that the system understands which cryptocurrency to pay with by default (although you can also adjust this list with each payment).
How to pay with Binance Pay
The payment service allows you to transfer funds using an ID or QR code. There is no commission for transfers, the transaction limit is $10,000 per week.
Payment by Binance Pay ID to a subject:
- The counterparty must provide you with his/her Payment ID.
- Once you recognize it, enter this identifier in the section Remunerate Binance Apps.
- Select the payment currency, enter the amount and add a payment description if necessary.
- Confirm the operation.
If you pay not to a subject, but to a trader, at the moment you can do this exclusively using a QR code.
Payment by QR code:
- Open the Binance app and scan the QR code provided by the seller. The scanner opens directly from the app (scanner icon in the Pay section) or via a widget on the desktop (if you press and hold the Exchange app icon, a menu will open through which you can immediately launch the QR code scanner).
- After scanning, you will see information about the payment – details, seller name, result, etc.
- Click “Confirm”. Enter your PIN.
- The payment will be made with the first token according to the order you specified. You can transfer multiple different currencies to your Binance Pay account and set the debit priority for them. If the first token is not enough, the system will use the second one, and so on.
- If you make a refund in the future, the same cryptocurrencies that were used for payment will be returned.
At the time of payment, you can change the order in which payment coins are used. To do this, you need to go to the “Used Funds” section and select the coins in the desired order. This setting will only affect this specific payment and will not violate the initially specified wallet parameters.
The Binance app has also launched a Marketplace, where you can pay for digital goods and services from various companies – for example, booking accommodation through the Travala service. All purchases can be easily paid for with cryptocurrency via Binance Pay.
How to receive payments via Binance Pay
Just like when transferring funds, you can receive assets via a QR code or ID.
- The QR code can be generated in three different ways: for payment in a specific currency, for payment in any currency, or for a specific currency and amount. The code is generated in the “Wallet” -> “Receive” section of the Binance app. After creation, it is saved to the phone gallery and can be transferred to the counterparty in any way convenient for you.
- The payment ID is also located in the “Wallet” -> “Receive” section. You can copy it with one click to transfer it to your counterparty.
All payments received and sent will be displayed in your account. Remunerate.
Possible problems
If you enter your Binance Pay PIN code incorrectly five times in a row, your account will be blocked. This should not be confused with an account lockout. The PIN entry option will be available again after 5 minutes.
If your account is blocked, payments will be prohibited until the block is lifted. To unblock your account, go to the Payment section of the Binance app and go to settings. Select “Change Payment PIN”. Enter your current PIN and then the new one. But if your current one is blocked, you can unblock it and change it to a new one using 2FA.
Frequently asked questions
Conclusion
Binance Pay is another major service cryptocurrency exchanges, which allows you to improve the quality of your funds management. Privately pay for goods and services without fees and transfer funds to friends. There is no need to create a separate account, the opportunity is available to all verified Binance users. It is a secure contactless payments provider that supports over thirty cryptocurrencies and tokens, with multiple ways to send and receive funds.