Binance Pay: The Beginner’s Guide
Cryptocurrency and blockchain technology are revolutionary new technologies that enable people across the world to become their own banks and transact without borders. This is made possible thanks to blockchain’s distributed, digital ledger. Every blockchain has a ledger at its core layer which allows it to achieve decentralization. However, many blockchain and cryptocurrency users feel that the cost of transacting on a blockchain has become unreasonably expensive. This is mainly due to the number of new users in the blockchain space. What if there was a solution to seamlessly transact using any cryptocurrency and blockchain with an array of added benefits? Well, now there is! In this article, we will take a look at Binance Pay. We will explore what Binance is, what Binance Pay is, how to get started with it, as well as what the benefits of using it are.
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
What is Binance?
Founded in 2017, Binance is one of the largest cryptocurrency exchanges in the world in terms of daily trading volume. The exchange’s founder, Changpeng Zhao, had created high-frequency trading software prior to launching the cryptocurrency exchange. Since its launch in 2017, Binance has become a well-known establishment for all things cryptocurrency by expanding its list of services. From a simple and fast cryptocurrency exchange, Binance now offers one of the world’s largest variety of cryptocurrencies available for exchange. It also offers a variety of DeFi services such as yield farming, DeFi lending, and so much more! Users can also purchase and exchange non-fungible tokens on Binance’s NFT marketplace. For a full list of what the Binance ecosystem has to offer, feel free to visit the Binance exchange platform for more details. For the purpose of this article, we will focus on Binance’s latest offering: Binance Pay.
Let’s take a look at what Binance Pay is in more detail.
What is Binance Pay?
Binance Pay emerges as a cutting-edge, contactless, and secure cryptocurrency payment ecosystem, meticulously crafted and empowered by the prestigious Binance cryptocurrency exchange. Within this ecosystem, users are seamlessly enabled to engage in both outgoing and incoming payments using an array of cryptocurrencies, effectively transcending geographical boundaries. This global functionality facilitates frictionless transactions among individuals, regardless of their geographic location.
What sets Binance Pay apart from its competitors, including the likes of Coinbase and other contenders, is its comprehensive array of advantages that underscore the experience of transacting within its realm. In due course, we'll delve into an exploration of these distinctive benefits. But first, let's embark on a journey to uncover the straightforward process of initiating your engagement with Binance Pay.
Getting Started With Binance Pay
Open an Account
The first thing that you will want to do is open a Binance Pay account. To do so, simply log into the mobile Binance App and click on Profile, then Pay. After that, click on Open Binance Pay.
Enter a Nickname
Next, you’ll have to enter a nickname. This nickname will be displayed on all of your Binance Pay transactions, and cannot be changed once set. If you’d like to remain somewhat anonymous when transacting then you may not want to use your name here. After setting your nickname, you will also have to accept the terms of use before proceeding.
Set a Pin For Your Account
Now you need to set a pin that will be used when transacting with your Binance Pay account. This pin is an extra safety precaution for your Binance Pay account that will need to be entered each time you transact. Having this pin will make it very difficult for someone else to transact with your account should you lose your mobile device. It is important that you don’t share this pin with anyone!
After completing the three steps listed above, your new Binance Pay account is all set up! Let’s look at how you can make your first payment using it.
Making a Payment With Binance Pay
Once your Binance Pay account is all set up, there are four ways to access Binance Pay and make payments on your mobile device.
- Tap on the QR code scanner from the App’s homepage and scan your recipient’s Binance Pay QR code.
- Tap on the [...] on the App homepage and tap Send. Then enter the recipient’s email, phone number, or Pay ID.
- Go to Wallets, then Funding, and select Pay to enter Binance Pay and tap Send. Then enter the recipient’s email, phone number, or Pay ID.
- Long-press the Binance App icon from your mobile home screen, and tap Scan to open up the QR code scanner. Then scan your recipient’s Binance Pay QR code.
After scanning or entering the details of the recipient, you will be redirected to the cryptocurrency list page. Here, you will see the available balances in both your Funding and Spot Wallets. If there aren’t any assets available then you’ll have to transfer funds to either your Funding or Spot Wallet before you can proceed with the transaction.
The next step after completing the above is to enter the amount of cryptocurrency that you would like to send. Once you’ve entered the amount, tap Continue. You will then be presented with a pop-up with the payment details. Click Confirm after you have reviewed the payment details.
The system will automatically utilize the funds in your Funding Wallet for the payment. You can change the payment method to use the funds in your Spot Wallet instead by tapping Funding Wallet on the payment screen. This will switch wallets for the payment. To confirm, tap Continue.
To complete the payment, enter your pay pin to verify the payment. You will then be presented with the payment details of the complete payment, and will also receive an email to confirm the transaction.
So what makes Binance Pay different from every other cryptocurrency payment solution in the market? Let’s take a look at some of the main benefits of using Binance Pay.
The Benefits of Using Binance Pay
Zero Fees
With the influx of new cryptocurrency and blockchain users, the cost to transact on any blockchain network has become unreasonably high. Binance is aware of this and has created the Binance smart chain to address this issue. The Binance smart chain is compatible with a wide range of cryptocurrencies and not only enables transactions with zero fees but also enables much faster transaction times. The Binance smart chain is the driving force behind Binance Pay. This allows all Binance Pay users to send and receive cryptocurrencies with zero fees and quicker transaction times using a range of cryptocurrency options.
Instant Payments
Unlike traditional payment solutions that take an unreasonable amount of time to process and send your funds, you can utilize Binance Pay to send cryptocurrency instantaneously online. This is because Binance Pay operates on a user-to-user basis to avoid the majority of delays that can be experienced in traditional payment solutions. This enables speedier transfers of your cryptocurrency assets. You are even able to send cryptocurrency to someone on the spot by scanning their Binance Pay QR code. This makes it ideal for merchants looking to accept cryptocurrency payments for their goods and services.
Can Choose Between a Variety of Cryptocurrencies
Binance Pay supports up to thirty different cryptocurrencies. This makes Binance Pay one of the most diverse payment solutions in the cryptocurrency space. The list of supported cryptocurrencies are: BTC, BNB, BUSD, ETH, ADA, ATOM, BCH, DASH, DOGE, DOT, EOS, ETC, FIL, HBAR, LINK, LTC, MATIC, NEO, PAX, QTUM, TRX, TUSD, UNI, USDC, VET, WRX, XLM, XMR, XRP, XTZ, ZEC, USDT, FRONT, STRAX, ONE, EGLD and SXP.
Has the Backing of One of the Largest Cryptocurrency Exchanges
Being one of the biggest cryptocurrency exchanges in the world provides users with the security of knowing that there will be enough funds to facilitate their transactions. Furthermore, users have the luxury of transacting with a payment solution that has the biggest global presence. This ensures that the correct regulations and legislature are being implemented by Binance. Lastly, Binance has been around since 2017 and has earned the reputation of being a trusted and giant global player in the cryptocurrency space. All of this ensures that Binance Pay users have a trusted, global, and secure payment solution in Binance Pay.
Can Send Money To Non-Binance Users Instantly
Using Binance Pay, users can also send cryptocurrency to non-Binance users, provided they have an internet connection and a smartphone with the Binance app installed. This allows you to invite others who are not using the Binance app to start doing so.
To Recap
Binance is the largest cryptocurrency exchange in the world in terms of daily trading volume. Since its launch in 2017, Binance has extended its suite of cryptocurrency services. One of these services is Binance Pay. Using Binance Pay, anyone from across the globe can transact without borders using a wide array of cryptocurrencies at zero fees and instantaneous speeds. Furthermore, users can make payments to non-Binance users! Binance Pay users can also be put at ease knowing that they are transacting with a payment solution that is backed by one of the largest, most well-known, and reputable cryptocurrency exchange platforms in the world: Binance.
