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What is Binance Pay? Send & Receive Cryptocurrencies at Zero Costs

For more information about the integration, check out Binance Pay’s iOS SDK and Android SDK. Develop mini programs (JavaScript with REACT) in Binance DevTools and manage or deploy your mini programs in our Mini Program Portal. If you already have an active Binance username used within the Binance ecosystem, such as on the P2P platform, it will automatically be filled in here, and you cannot change it. Representatives for Binance did not immediately respond to a request for comment from Fortune about Easton’s testimony and whether Zhao will be asked to return the funds. Paysafe stopped processing euro deposits for Binance customers last month, adding to a series of regulatory problems for Binance across the world.

Talking about other services offered by Binance, for one, it has the Binance Earn program, which allows users to earn passive income using their crypto assets. The program features investment solutions, reward programs, liquidity farming and staking options, and so much more. Binance is a centralized crypto exchange that offers all services that every top-notch crypto exchange should. This includes crypto-crypto trading, purchasing crypto using fiat, derivatives trading, various earning tools, and so much more.

How Binance Pay Works

Binance Pay is a new service from the leading cryptocurrency exchange enabling its users to send and receive crypto payments amongst one another without paying any transaction fees. Merchants and individuals can use Binance Pay, and the service is available to Binance users exclusively. 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 layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. The only users who might struggle to use Binance are first-time traders. These users probably won’t own any cryptocurrency and may not understand the basics of crypto trading.

  • The base commission rate of 20% applies for users with a daily account average balance less than 500 BNB.
  • Let’s go through a quick example of using Binance Pay to make payments and receive crypto.
  • Binance advised customers holding euros to convert their holdings into Tether (USDT) until new arrangements were made.
  • The crypto is transferred to the payee’s account or digital wallet.
  • The only users who might struggle to use Binance are first-time traders.

From the list of requests on this page, users can choose between incoming requests, like Pay or Reject or outgoing requests, like Cancel or Remind. To view transfer details such as status, date, amount, and token, tap the History tab and select a transaction. You can also filter by transaction type, time, and token type on this page.

How Binance Pay Works

Let’s go through a quick example of using Binance Pay to make payments and receive crypto. Binance Payout provides your business with an instant and secure way to send mass crypto payouts to your customers and suppliers all over the world. Click on the [Change] button within the Payment Method field to change the default payment wallet. In the last stage, you have the option to change from which wallet you want the funds to be deducted.

Before proceeding further you must know about the crypto payment gateways. Crypto payment gateways are simple payment gateways like fiat currencies where merchants can accept payments from their customers. Cryptocurrency payment gateways are transaction facilitators between merchants and customers. Business owners use them to accept and process digital crypto payments. 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. Ever since the first famous real-world Bitcoin pizza purchase for 10,000 BTC in 2010, people have been using crypto to make payments.

This isn’t usually the case when you transfer funds manually with a custodial crypto wallet. So unfortunately, you’ll have to combine it with other crypto exchanges as your needs change and you become a more seasoned crypto investor. By signing up using this Binance referral code, C7PJO7JQ, new Binance users get a lifetime fee rebate of 20% when they trade cryptocurrencies cryptocurrency payment solutions on the platform. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. Binance Uganda would allow traders to use Binance to buy cryptocurrencies with fiat money for the first time.

Payments should only be accepted from people inside of your network. Always report any suspicious activity to our Customer Service team. We recommend that users always double check recipient information, coin, and the amount they are sending before proceeding with a payment. All payments are final when using Pay on Binance.US, so we highly encourage all users to only send Pay requests to their contacts or people they know. Binance.US users who receive a transaction request can approve as quickly as they would like from their Pay Requests & History page.

The amount of time it takes for the recipient to pay for the request will be at their discretion. Once they pay for the request, the funds will appear instantly in the requester’s account and be subtracted from the sender’s account. 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.

This detailed guide highlights that sending and receiving cryptocurrency through Binance Pay involves a straightforward process. Anyone can use the service so long as they have a verified Binance account. As more people sign on to the service https://www.xcritical.in/ and Binance adds more merchant stores, Pay is poised to be more indispensable, helping bring cryptocurrencies and blockchain to the mainstream. A crypto payments service will have a customer support team to help you with any technical issues.

How Binance Pay Works

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. Thanks to blockchain and other technologies, merchants have started accepting debit card, credit card, e-wallet and crypto payments to provide more payment options for their customers.

If you are a first-time Pay user, you will be prompted to set up a PIN in order to proceed with a send or request. Alternatively, you can set up a PIN by navigating to your settings by clicking the profile icon on the top left of your page and selecting Security. Set up your PIN and make sure you have your profile set to discoverable so that other Binance.US users can find your profile and send you crypto using Pay. Once set up, you can begin using Pay by clicking Buy, Sell & Convert in the Binance.US mobile app and selecting Send & Request.

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