What is Binance Pay? Send & Receive Cryptocurrencies at Zero Costs
Brazilian-based businesses have the option of receiving payments in either Brazilian Real or cryptocurrency directly to their wallets. Crypto payments are becoming more widely accepted by retailers, individuals, https://www.xcritical.in/ and businesses. While you can transfer funds manually, payment gateways provide a simpler way to accept crypto payments. This saves you from manually copying addresses and making mistakes.
Additionally, Brazilian businesses have the choice of receiving payments in either cryptocurrency or Brazilian Real straight into their accounts. Before using the Binance Pay feature, you need to sign up for a Binance account, verify their identity, and then activate the Pay feature allowing you to send and receive https://www.xcritical.in/crypto-payment-solution/ crypto payments. This guide will show you how to activate Binance Pay for your account, how and when to use it, the benefits of using the feature, and highlight a few merchants already supported on the service. Using Binance Pay, the exchange’s users can send and receive crypto payments or gifts at no cost.
To send crypto, all you’ll need is someone’s email, mobile number, or payment ID. You can also create a QR code that specifies an amount, cryptocurrency, and message to be sent to the counterparty. Binance Pay also has a list of Merchant Stores that accept payments through the service.
You can even use crypto to pay for items in fiat currency with a crypto card. So whether you want to pay back a friend or purchase an item, there are multiple options that use blockchain technology. 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 and Binance adds more merchant stores, Pay is poised to be more indispensable, helping bring cryptocurrencies and blockchain to the mainstream.
Crypto Payments Explained
However, it’s trickier to pay a friend directly unless they can accept card payment. If the payee wants to be paid in crypto, then a card also isn’t suitable. Both Visa and Mastercard currently offer crypto card options through different financial service providers.
- The customer’s visits to the online stores are enabled with crypto payments.
- A payment gateway effectively adds an intermediary into the process.
- Over 70 different cryptocurrencies, including well-known ones like Bitcoin, BNB, ether, and USDT, are supported by Binance Pay.
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.
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Binance Pay is an excellent addition to the Binance ecosystem enabling users to make and receive payments at zero costs. The service is fast, convenient, easy to use, and accessible on the web, desktop, and mobile devices. One of the reasons Bitcoin has not caught on as a payment method is a steep price of processing a transaction, making it uneconomical to use. Another great payment option offered by Binance is the Binance Visa Card, which allows you to spend cryptocurrency at more than 60 million merchants all around the globe that accept Visa.
Shopping with Binance Pay
You can change things as you see fit or tap ‘Confirm’ to continue. Some of the most important include its zero processing fees and instant transactions. Here is a rundown of these major benefits of using the Binance platform for your crypto dealings. Last February, Binance released the beta version of Binance Pay exclusively for peer-to-peer payments.
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. This is usually done via a payment gateway to make the process simple.
To access the marketplace, one has to sign up to Binance and log in to their accounts. Think of Binance Pay as a PayPal alternative for the cryptocurrency industry. With PayPal, users can send, receive conventional money across borders and shop in their favorite stores.
You can also receive cryptocurrencies through Binance Pay as either a standard user or a merchant. For more detailed instructions, see our How to Send Cryptocurrency to an Individual with Binance Pay FAQ. If you’ve already got a Binance Account, head to the Binance Pay tab. You’ll then be directed to create a nickname for the service before you start making and receiving payments. If the cryptocurrency you wish to send is not preselected, you can change it by clicking on the [Coin] field to open the currency selection box. 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.
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. Get access to millions of potential customers worldwide and instantly accept crypto payments when you sign up as a Merchant on Binance Pay. 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 most cases, transactions on Binance Pay are completed instantly, and the platform also supports over 40 different cryptocurrencies. Binance Pay works the same as a normal payment gateway it allows businesses to accept payments from their customers in crypto.
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. This includes the wallet the funds are coming from and the prioritized currency.