What is Binance Pay?

Wait a minute!

Did you know you can send and spend crypto like BTC, ETH and not pay any transaction fees?

Yes it’s true

I just sent 2 ETH from my BINANCE Pay crypto account from here in Nigeria, Africa to a merchant in El Salvador, South America for a product I purchased online, and I didn’t pay any transaction fee.

No matter the value or the quantity of crypto you are transacting; you can do it for free using Binance Pay whether you are shopping, booking a flight ticket, paying for a cup of coffee in a small cafe or even paying to a merchant for an online purchase like I did.

What is Binance Pay?

Binance Pay is a new crypto financial serviceoperates on a payment technology designed by Binance. This service allows all its users to send and receive crypto payments through a new or existing crypto account on its exchange without paying any transaction fee.

This fast like the speed of lighteasy to use crypto payment technology allows both big and small businesses to accept crypto payments such as Bitcoin, Ethereum, BNB, BUSD and a whole wide range of accepted crypto currencies via online, P2P and person-to-person.

If using the P2P platform to buy and sell volatile or stable crypto like USDT and BUSD is your trading genre; Binance Pay allows its P2P traders to convert their crypto funds into their local currency, without paying any fees.

Crypto Adoption and Crypto Payments are on a parabolic rise with small businesses and many big industries showing support for crypto payments; with the likes of MasterCard, TESLA, TWITTER, and many more big names getting involved and accepting crypto payments. This factor has given rise to so many people looking for easy and cheap transaction fee crypto payment services.

If you fall in that category; search no further because Binance Pay is arguably the best of its kind due to the numerous benefits it offers to its users. Binancians enjoy the super experience of using the simplest, fastest, contactless, borderless and most secure cryptocurrency payment solution

If you are a crypto enthusiast like me and would like to enjoy this no-transaction-fee payment technology; continue reading this article to the end and you will learn how to use this crypto financial service.

First let me quickly take you through some of the most interesting benefits of using Binance Pay and then I will guide you on the processes involved in using this easy-to-use service.

What are the Benefits of Using Binance Pay?

Binance Pay affords its users the super experience of using the simplest, fastest, contactless, borderless and most secure cryptocurrency payment solution.

Take a look at the picture below and see what more Binance Pay offers:

• ZERO FEE TRANSACTIONS

An assured goodbye to huge transaction fees when sending Bitcoin (BTC), Ethereum (ETH) and other ERC 20 tokens via their corresponding block chains.

• TRANSFER CRYPTO TO FRIENDS AND FAMILY

Send crypto and crypto gift cards to family and friends fast, safely with as easy as a single tap.

• CCEPT CRYPTO PAYMENTS WITH EASE

Setup your Binance Pay account and enjoy the ease of accepting crypto as payments. It is as easy as customers or clients making payments by scanning your payment QR code or using your Binance Pay ID to make fast payments with no need to wait for transaction confirmations.

• SHOP ANYWHERE IN THE WORLD

Complete P2P payment transactions; make payment at stores that accept crypto payments; and Pay merchants for services delivered and goods purchased.

Check out a list of merchants that currently accept crypto payments via Binance Pay in the picture below.

Guess you’re already wondering how to start using the Binance Pay service to receive and make fast crypto payments at zero transaction fees. Let’s dive into that right away.

How To Use Binance Pay To Make And Receive Crypto Payments Anywhere In The World?

First you would need to create a verified Binance account by clicking , and then complete the

If you already have a KYCed Binance account that you currently trade crypto with; simply go to https://pay.binance.com/en?ref=65177765follow the simple steps below:

How to set up and receive payment with Binance Pay?

To set up your Binance Pay account, follow these steps:

Setup Your Pay Wallet

• Login to your Binance account, and go to your profile [User Center],
• amongst the options,
• [Open Binance Pay].
• Next, create your permanent unique Binance Pay nicknameKindly Note that Binance Pay Nicknames cannot be changed after selection.
• Finally select a six-digit PIN. Remember to safeguard your account PIN and setup is completed.

To Receive Crypto Payments

Crypto payments can be received through two ways- through QR codeBinance Pay ID, Email address or Phone Number.

(i) To Receive Payments via QR Code, Simply follow these steps:

Generate QR code:

To generate QR codes, simply click the QR code scanner on your homepage to generate a unique QR codes and then send it to your customers, anyone paying or sending you crypto.

You can also set your QR code to receive your preferred cryptocurrency or if you wish to convert to cash with zero fees on Binance P2P simply select USDT, BTC, BUSD, BNB and ETH.

QR codes can be generated in three (3) ways.

• You can generate QR code to receive payments in any cryptocurrency;

¤ Go to [User Center],

¤ Select [Pay] and tap [Receive] or directly tap the […] on Binance app homepage and tap [Receive] to generate your unique QR code.

¤ Click [Save QR] to save

¤ Next; send the saved QR code to the payer.

• You can generate QR code to receive payments in a specific cryptocurrency

¤ Go to [User Center],

¤ Select [Pay] and tap [Receive] or directly tap the […] on Binance app homepage and tap [Receive] to generate your unique QR code.

¤ Click [Add Amount], but leave the column blank; select the crypto currency you wish to receive the payment and Tap [Confirm],

¤ Click [Save QR] to save

¤ Next; send the saved QR code to the payer.

• You can generate QR code to receive payments in a specific cryptocurrency

¤ Go to [User Center],

¤ Select [Pay] and tap [Receive] or directly tap the […] on Binance app homepage and tap [Receive] to generate your unique QR code.

¤ Click [Add Amount], enter the amount expected; select the crypto currency you wish to receive the payment and Tap [Confirm],

¤ Click [Save QR] to save

¤Next; send the saved QR code to the payer.

(ii) To Receive Payments Using Binance Pay ID, Email address or Phone Number; Simply follow these steps:

To receive through Pay ID

• Tap the QR code scanner on your homepage and then copy your Pay ID. You’ll send this pay ID to your customers or anyone paying or sending you crypto.
• Next; send the copied Pay ID to the payer.

To receive through Email Address or Phone Number

• [User Center], and copy your Binance Email address or phone Number from the top of the profile page
• Next; send the copied Email Address or Phone Number to the payer.

How to Make Payment to an Individual with Binance Pay

There are now two ways make crypto payments to Individuals using Binance Pay.

First Way: Making payment via QR Code

How to pay with QR code

• Simply request the payment QR code from the person.
• Next, login to your Binance App and tap the QR code scanner found on the homepage.
• Scan the payment QR code sent to you; as received from the payee.
• After Scanning the QR code, the amount to be paid is displayed if added by the payee or blank if not added.
• Select the crypto currency and amount to be sent.
• [Continue] after confirming the payment details.
• Next step is to confirm the payment details by tapping [Confirm].
• Enter your Pay PIN for payment verification;
• Once the PIN is verified, the Payment Details will be displayed and a notification showing your payment is now completed.

Second Way: Making payment to an individual via Binance Pay ID, Email address and Phone number

How to pay with Binance Pay ID

• To pay someone via Binance Pay ID Email address and Phone number; simply request for the Pay ID, Email address and Phone number from the person.
• Next, login to your Binance App and tap [Funding] at the top of the page and select
• Enter the payee’s Email address or Phone number either by typing it or pasting the copied Email address or Phone number
• Go ahead to select the desired cryptocurrency you wish to pay, enter the payment amount and include payment description notes (if necessary).
• [Confirm] once you have verified the payment details.
• Enter your Pay PIN for payment verification;
• Once the PIN is verified, the payment amount is thus deducted from your Pay Wallet balance in preference to the pre-set cryptocurrency order.
• A notification showing your payment is now completed is displayed.

How to make payment to a merchant with Binance Pay

Currently, Binance Pay allows you make payments to merchants only through QR code, with more options being developed.

How to pay Merchants with QR code

• Simply request the payment QR code from the merchant.
• Next, login to your Binance App and tap the QR code scanner found on the homepage.
• Scan the payment QR code sent to you; as received from the merchant.
• On scanning, the payment detail is displayed.
• Ensure to check the list of not supported crypto currencies by tapping the information icon next to the merchant’s name in order to send the accepted payment crypto to ensure a smooth and seamless transaction.
• [Continue] after confirming the payment details.
• You will be redirected by the App to the page that will display the cryptocurrencies to be utilized for your payment according to the already set payment priority settings.
• Next step is to confirm the payment details by tapping [Confirm].
• Enter your Pay PIN for payment verification;
• Once the PIN is verified, the Payment Details will be displayed and a notification showing your payment is now completed.

Note that if the balance of your preferred crypto for the payment is insufficient to cover the payment amount, the App automatically selects multiple crypto currencies from your preferred payment order to complete the payment amount for your payment.

You can choose to change your payment crypto currency order, by simply tapping [>] icon next to [Currency] to view your available crypto currency balance for payment.

To adjust or arrange them in preference, simply drag the available crypto in order to arrange them into your preferred order for the current payment.

Also note that your Pay PIN will be locked upon five (5) incorrect attempts.

So ensure to enter the correct and if your is locked, Binance Pay allows you to try again after five (5) hours and if the Pay Pin is correct, you can complete the transaction

Making crypto payments have never been this simple and easy.

I personally enjoy the no-transaction-fee when sending crypto to friends and family. The Binance Pay technology is the best there is at making and receiving fast crypto payments at Zero transaction fee.

Kindly consider making your own research as the opinions expressed via this article were gathered from my own personal research and it is not a financial advice.

For more personal researched articles on crypto investments and how to maximally use the Binance exchange; search through my archives

If you need more details or an answer to any question you may have about using Binance Pay; simply access the frequently asked questions these links: