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

To find out which cryptocurrencies are offered for trading with Ethereum, select ETH in the top right corner. You’ll now be able to see that Ethereum has over 140 different trading pairs on Binance. Amount of cryptocurrencies that are accepted in a certain cryptocurrency exchange. If you are using the mobile application, tap on the [User Center] icon on the top left of the screen, select the [Pay] option and then tap the [Receive] button. Accept the service terms by clicking (or tapping) on the checkbox mark provided and then click (tap) the big orange [Activate] button.

Find out how you can offer even more with our Binance Pay products below. Pay makes it easy to send crypto directly from the Binance.US mobile app. To initiate a send, click the Buy, Sell & Convert button on the Binance.US home screen and select Send & Request.

How Binance Pay Works

In this step, you can share the QR code provided by saving it to your local disk on your mobile or desktop computer and sending it to your counterparty. You can save the QR code by clicking the [Save QR] button below the code. You can view and check which merchants are currently supported on the Binance Pay service through the Binance Marketplace. The complete list of merchants utilizing Binance’s Pay feature includes Travala, Coinsbee, Cryptorefills, CS.Deals, Cybertino, L’exception, and Shopping.io.

With instant settlement for Bitcoin, Ethereum, or any of our nearly 150 supported cryptocurrencies on Binance.US, all Pay transactions feature zero gas and zero transaction fees. Crypto payments provide a cheap, quick, and fast way to transfer funds. There’s no need to use local fiat currencies for international transfers. A payment service will often be more intuitive than a wallet and also have customer support. On the other hand, a payment gateway provides less control, may charge fees, and takes longer to set up than a standard wallet. Binance Pay is a cryptocurrency payment service from Binance, the world’s largest crypto exchange.

How Binance Pay Works

It lets you send payments instantly and securely from one user to another. As customers become more crypto-savvy, more businesses are embracing crypto payments. Find out how you can do the same with the help of crypto payment gateways like Binance Pay.

Crypto payments are becoming more popular with the growing blockchain popularity, and Binance’s recent launch of Pay is aiming to accelerate that. This guide will explain the new feature, how to send and receive payments through mobile and web, and highlight some of the benefits of using Binance Pay over other cryptocurrency payment gateway market competitors. The recipient creates a digital invoice to be paid using their payment gateway. This is usually a QR code containing the receiving wallet address and the amount needed. For example, purchasing a $10 (US dollar) meal would require $10 of a specific cryptocurrency at the current market rate.

How Binance Pay Works

Before making financial investment decisions, do consult your financial advisor. Speaking of order types, there are different options traders can choose from. The most common order types on the Binance spot market include market orders, limit orders, stop-limit orders, one-cancels-the-other (OCO) orders, and trailing stop orders. Binance.US users can try this feature TODAY by downloading the latest version of the Binance.US mobile app. We are also preparing to introduce a web version of Pay, which will arrive in the near future.

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. 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.

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Customers are able to receive up to $1 million in cryptocurrency per 24 hour period. 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.

You have now activated the Binance Pay feature for your account. Binance, one of the top crypto exchanges in the world, announced on Thursday that there will be a brief interruption of EUR payments due to Paysafe’s unilateral decision. Many people prefer the traditional experience of having full custody over their crypto. A payment gateway effectively adds an intermediary into the process. This step is optional, as you can receive payments on Binance Pay with your account email or phone number. Here, the app will display the funding sources for this payment.

All that’s left to do is share a few more words of wisdom with you before I go. Today, I’m only going to show you how to buy on Binance with market orders. Next, I’ll show you how to use Binance but first, you need to secure your account. Since the Binance order book is regularly updated throughout the day, it only reflects the most recent information as well as the real-time intent of buyers and sellers. Binance was founded in China in 2017 by Changpeng Zhao and Yi He.

If you already have a Binance account, then all you need to do is log in. Else, you will first have to register a new Binance account and additionally, complete identity verification to use the Binance Pay service. You can also download the Binance app from this download page. The exchange has also made the decision to withdraw from operating in the Netherlands and Cyprus, and requested the cancellation of their permissions in the UK.

  • Since we are still in the infancy of these technologies and users still lack education on how to control them, I believe that some control is still needed.
  • If it is your first time with Binance Pay, then you will need to register a Nickname and a Pay PIN for use with the system.
  • 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.

Binance Pay is one such crypto payment gateway that allows businesses to accept payments from customers in crypto. Once you’ve integrated the payment solution, customers can scan a unique QR code to open their wallet on their Binance App and pay you instantly anywhere they are. In this post, find out how crypto payment gateways work and how you can accept crypto payments with Binance Pay. Binance Pay is a new service by leading cryptocurrency exchange Binance enabling its users to send, receive and make crypto payments effortlessly within the Binance ecosystem.

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