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Have you thought about using Binance Pay?

By cmoneyspinner | CryptoBloglines | 17 Jan 2023


Binance is a cryptocurrency exchange that is keeping up with the digital revolution. Binance Pay, a crypto payment processing system, is one of its initiatives.

Image credit: Binance

Binance Pay is a borderless, contactless, secure, and fast way of handling crypto transactions. You can send money to anyone, especially friends and family who live abroad, literally within seconds. Binance implemented their ‘pay’ feature to facilitate and expedite the processing of crypto transactions. Mainly, there is no waiting for the block confirmation via blockchain. Binance Pay transactions land as soon as you initiate transaction to the recipient.

How to send and receive crypto using Binance Pay

Using ‘Pay’ is just like when you’re initiating transaction from your local bank account to another customer or recipient. However, the sending and receiving process does not take days, hours, or even minutes. There are over 300 different crypto coins to choose from and the crypto is received immediately once the transaction is initiated. (NOTE: You and the recipient must have access to the free Binance app.)

When sending to a recipient, you just have to log in to Binance and head over to ‘Funding’, where you’ll find the pay feature. Click on ‘Pay’ option. After you have clicked the pay option, you need an email address or pay ID to set up your login details. Confirm your mobile number and email that is linked to your Binance account. After confirmation, you must set your password.

Once you’ve completed the mobile number and email confirmation, and created your password, you are ready to send crypto to the recipient.

Binance Pay is FREE. You don’t have to pay gas fee for the coin to be processed and sent to the recipient. The person receiving the crypto will be notified immediately. WATCH VIDEO: Binance Pay step by step guide.

 

The recipient must be sure to copy the right email address or pay ID linked to your Binance account, and allow the sender to initiate the transaction (similar to when you send your account details to a sender via the banking system). If you are a first time user of Binance Pay, you’ll get a voucher reward from Binance as incentive to keep using their pay feature. The voucher amount varies depending the amount of crypto you send.

Use Binance Pay to shop from various e-commerce stores worldwide

Binance Pay isn’t just limited to sending and receiving crypto. You can use the pay feature to buy items from various e-commerce stores local and international - at your convenience, no risk, no extra fees. Binance has partnered with various e-commerce stores around the globe through the help of Alchemy Pay. Read about their partnership.

The Pros of using Binance Pay

  • Payment sent within seconds
  • Transaction is free, no gas fee charges.
  • It is user-friendly, contactless and borderless
  • No third party control over your money, it goes straight to the recipient’s wallet.
  • It can be used by both Binance account holders; and crypto can also be sent to Non-Binance users … BUT! In order for a Non-Binance user to receive the crypto you sent them, they will have to create a Binance account and activate Binance Pay with the same email address or phone number that you have provided. (Some might say this is a “Con”.)

The Cons of using Binance Pay

  • Transaction is irreversible, so be careful not to make a mistake and send to the wrong recipient.

Clearly, Binance is working steadfastly to implement crypto solutions for its clients, whether they are individuals or businesses.

 

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Thanks for reading.  (NOTE:  Content previously published on Medium.com)

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cmoneyspinner
cmoneyspinner

Freelancer since 2007. Always looking for various ways to make money online.


CryptoBloglines
CryptoBloglines

Freelance work-at-home professional since 2007. Blogger, article writer, affiliate marketer, and crypto enthusiast. Enjoy publishing content on a wide range of topics. Bloglines is mainly for crypto-related content. Happy to be a part of the Publish0X team.

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