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Free and Instant Crypto Payments ➡ Binance Pay 2023
- Thomas DeMichele
What is Binance Pay?
Did you know you can instantly send and receive cryptocurrency anywhere in the world for free with Binance Pay.
Binance Pay can be used from your phone or desktop and supports over 40 different cryptocurrencies. It also allows users to buy products and services at Binance Pay Merchant Stores, making it an excellent solution for both merchants and shoppers who want to transact in crypto and save on fees.
Keep reading to find out how to send and receive crypto instantly with zero fees using Binance’s peer-to-peer crypto payments platform.
How to Use Binance Pay
This section will walk you through everything you need to know to set up a Binance account and start using Binance Pay. If you already have a Binance account, you can skip to step 3 to learn how to activate your Binance Pay account, send and receive crypto.
- Sign Up for Binance
To use Binance Pay, you’ll need a Binance account. So if you don’t have one already, use our Binance Pay referral link https://pay.binance.com/en?ref=GRYRDBZW to sign up. This link will give you a 20% discount on trading fees for life (see our Binance Referral Code Review for more on how to save on Binance).
Please note that if you were sent funds from Binance Pay and need to set up an account to receive the payment, you need to use the exact same email address or phone number your friend sent crypto to.
- Verify Your Indentity
In order to use Binance Pay, you must complete the identity verification process. Please refer to Binance’s page on identify verification if you need assistance with this step.
- Activiate Binance Pay
To activate Binance Pay on the Binance App, log in to your Binance account using the Binance App and tap [Wallets] -> [Funding] -> [Pay] -> [Open Binance Pay] in that order.
To activate Binance Pay on Desktop, log into your Binance account and click [Profile] -> [Wallet] -> [Funding Wallet] -> [Pay] in that order.
Once on the activation screen, choose a Nickname and Pay PIN to associate with your Binance Pay. This PIN will be crucial for accessing this functionality so make sure to write this down if you think you are gonna forget it.
After choosing your Nickname and PIN, you are ready to start using Binance Pay!
- Send Cryptocurrency With Binance Pay
Now that your Binance Pay is set up, you can start sending crypto. When you hit the “Send” button on the main Binance Pay dashboard, you can choose to send to someone’s email, phone, or Pay ID.
After you choose the email, phone number, or Pay ID to send to, you will then pick the currency you want to send, and then on the next screen, the amount and any message you wish to include. As seen below.
Once you have selected the currency, amount, and written an optional message, you can press “Continue” to finalize the transaction.
Please note that if the person you send to doesn’t have a Binance Pay account, they will be sent a link with a prompt to activate an account. The payment will then expire in 3 days if it isn’t used, so make sure they activate their Binance Pay account ASAP.
- Receive Cryptocurrency With Binance Pay
You can choose to receive crypto by clicking the “Receive” button next to the “Pay” button.
You can receive crypto using your email, phone number, Pay ID, or a QR code. QR codes are generally the best way to receive crypto in person, but any of the methods will work. Since the other methods are straightforward, let’s go over the QR method now.
Click “Receive” and then select the currency you wish to receive to produce a currency-specific QR code. This allows another user to send you that cryptocurrency.
If you need to scan someone’s QR code, make sure to hit “Send” and then select the QR option from the following screen.
Don’t forget you can also shop with Binance Pay by selecting the corresponding option on the main Binance pay menu or by going directly to the Binance Pay Merchant Stores.
The Benefits of Using Binance Pay
Now that you know how to use Binance Pay let’s go over some of the major benefits.
Traditionally peer-to-peer payments are slow, expensive, and only allow you to use fiat dollars. Especially in terms of cross-border payments, fees can really add up!
Meanwhile, traditional crypto payments require you to pay a transaction fee and typically only let you transact in one type of coin.
With Binance Pay, you can send and receive 40+ cryptos on different networks, including a variety of stablecoins, anywhere in the world instantly without paying any fees.
Secure, Instant, Free, and Borderless Crypto Payments
Crypto payments are secure, instant, free, and borderless with Binance Pay.
Binance Pay lets user accounts securely transfer funds from one account to another. That means regardless of the amount you send, Binance Pay transactions are instant and free because there are no intermediaries to slow down the transaction and no middleman to pay fees to.
Likewise, transactions are borderless because users can send to anyone anywhere in the world. As long as the recipient has access to the internet and a smartphone with the Binance app, they can accept Binance Pay.
Lastly, transactions are secure because they have the full force of Binance’s security practices behind them (Binance has one of the best, if not the best security reputations in the crypto space)!
Binance Marketplace
Binance Pay isn’t just for peer-to-peer payments. It can also be used for and by merchants to make free and instant transactions.
You can also use Binance Pay to buy products and services from any merchant on the Binance Marketplace. That means you can buy some products and services without having to sell your crypto or pay extra transaction fees.
Meanwhile, merchants can broaden their crypto customer base and transact without fees by accepting payments via Binance Pay.
Binance Pay’s Merchant API allows businesses to process payments online or in-person using QR codes, so it allows for any type of business.
Conclusion
Binance Pay is a no-brainer for any Binance user, as it creates a way to transact between peers without paying any fees. There is no subscription fee, so activating Binance Pay is basically all upside.
As an added bonus, you get access to merchant shops. And of course, from the perspective of merchants, joining the Binance Pay marketplace means potentially opening up your business to a lot of users!
Overall we love the product and especially recommend it for our users who have Binance as their main exchange anyway. There aren’t many reasons to use the other P2P payment apps as a crypto investor or trader if you and your friends have your funds in Binance anyway.
