What is Binance Pay: Everything you need to know about Binance Pay
A long time ago, when people wanted to send money from one place to another, they had to go through a lot of stress from filling forms to going to the bank to send and receive money. But with the advent of technology, life has become somewhat easy in that you could be in the comfort of your home and just with one click, you’ve sent money to someone on the other side of the globe, same with receiving money too.
Of the many easy ways you could send cryptocurrencies, Binance Pay provides a good avenue for that.
What is Binance Pay you may ask…
Binance Pay is a Crypto currency payment technology designed by Binance for a contactless, borderless, crypto user-to-user crypto payment service. The way you’d use the conventional finance services like Paypal, Zelle, Cashapp and so on to send and receive money, Binance Pay can also be used for that and many more.
What are the Benefits of using Binance Pay?
- Cost: As aforementioned, the cost of sending and receiving crypto payments using the Binance Pay platform is free as opposed to fees incurred when using other platforms.
- Speedy delivery: many would be familiar with the feeling of games that play so smooth and fast without lagging or better still, super fast internet. That is similar with the super fast payments that occur on Binance Pay, sending Cryptocurrencies with Binance Pay occurs at amazing speed.
- Wide range of Cryptocurrencies: Binance Pay boasts of a wide range of Cryptocurrencies with over 40+ to choose from, which ever one you decide to send or receive.
- No boundaries: just as Binance is all over the globe, Binance Pay likewise is as it has tons of merchants available on the platform, from Cryptorefills to Cybertino to L’exception and so on. Meaning you can send Cryptocurrency to any one around the globe as long you and the recipient have Binance accounts.
Setting up your Binance Pay account…
You have to first have a verified Binance account in order to set up your Binance Pay account. You can sign up for a free Binance account and get help verifying here. Setting up your Binance Pay account is as easy as A-B-C.
- From your Binance account profile, select Wallet, then select Funding Wallet.
2. Select Pay.
3. Set your Nickname and Pay PIN and select Activate
The Binance Pay feature has now been activated for your account!
Sending Cryptocurrency from Binance Pay…
- From the Wallet icon, select Funding wallet and select Pay
2. Use the Binance app to scan the recipient’s Binance Pay QR code or paste the recipient’s Binance Pay ID.
*This is entirely different from the normal Binance User ID.
3. Enter the Currency and amount you intend to send. If the cryptocurrency you intend to send is not selected, you can change it by clicking on the Coin field to open the currency selection box.
4. Check through to see if everything is in order and select Confirm.
5. Enter your Binance Pay PIN to initiate the transaction.
Voila! You have successfully sent Cryptocurrency using Binance Pay.
Receiving Cryptocurrency through Binance Pay…
See the following steps below for receiving Cryptocurrency from a fellow Binance Pay User;
- From the Wallet icon, select Funding wallet and select Receive.
2. Binance Pay would generate a unique QR code based on your payment details. Share your payment details with whom is to send you the asset.
3. The Cryptocurrency sent would reflect in your Binance Pay wallet once it has been sent.
Conclusion: Binance Pay is an alternative to normal sending of Cryptocurrencies through spot. My belief is that this has been helpful in guiding you to set up your Binance Pay wallet, send Cryptocurrencies through Binance Pay and also to receive Cryptocurrencies through Binance Pay. Please drop any questions or comments you may have in the comment section.
You can start your own Binance Pay journey https://pay.binance.com/en
Sign up for a free Binance account today https://www.binance.com/en/buy-sell-crypto?ref=285563460
Thanks for your time, till next time!
