Binance What is Binance Pay ?

[Yugocean]

Binance Pay is a payment processor by Binance for cryptocurrency. Binance users can setup their Binance Pay account within the Binance App.

Binance Pay will use only Binance nickname, if a nickname is not set, then user have to create it. Choose a nickname wisely, because once created, it is final, the user cannot change/modify it.

Binance Pay will also ask for PIN, user have to set a six-digit pin, this PIN is a password to use the feature, so user always have to keep the PIN secure. Binance Pay QR code is the support of completing transaction process.

Users are able to set their preferred currencies on top by customizing it via drag & drop feature. Any payment completed from insufficient currency will auto deduct the next preferred currency to complete the payment value.

Binance Pay and Binance Card both are same wallet, topping-up process is done via the Spot wallet of Binance.

 

[IamDozzy]

Very educative. One thing I want to ask is, does binance pay have NGN currency in its payment option?. Because, the Nigerian government recently banned it's citizens from receiving cryptocurrency in exchange for NGN and as such it is difficult for some online cryptocurrency wallets to process payments for Its customers. Does Binance pay have the option of paying Nigerians direct to their bank accounts just as trendri has the same option.

 

[Yugocean]

Very educative. One thing I want to ask is, does binance pay have NGN currency in its payment option?. Because, the Nigerian government recently banned it's citizens from receiving cryptocurrency in exchange for NGN and as such it is difficult for some online cryptocurrency wallets to process payments for Its customers. Does Binance pay have the option of paying Nigerians direct to their bank accounts just as trendri has the same option.

I thought you were from Kenya, what you will do with NGN?
Binance Pay is for crypto payment, not for fiat, however Euro is one among the first six currency supported by Binance Pay.
Right now Binance Pay is in Beta Version and have these 5 cryptocurrencies (beside Euro) Bitcoin, Swipe Coin, Ethereum, Binance Coin, BUSD.
As for NGN, crypto might be banned, but not Euro, Nigerian users can use Euro feature.

 

[Deleted member 28873]

binance pay is a cryptocurrency payment processor for binance and it could be set up in the binance app.Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance. Binance Pay (beta) allows you to pay and get paid in crypto from your friends and family worldwide.
he Pay platform allows users to pay and be paid in five cryptocurrencies – bitcoin,ether, swipe (SXP), BNB and BUSD – and one fiat currency so far, the euro.
When CoinDesk asked Binance if it intends to add more payment options, a representative said more information on “functionalities and plans” would be released soon.

 

[sincerem]

This feature is always visible to me whenever i visit binance, but i don't get the feature on my binance account. I just want to figure out what this binance pay option is mainly for. I use other features or option added in the binance app, but this particular one is just taking off the gas. I'm eager to hear from you @Yugocean.

 

[btaliat]

I understood all what binance pay is all about from your write up. But I don't really understand what they are used for. Are they used for buying of coins? I mean can we use binance pay to pay for the coins that we use. And also, since @sincerem claims that he does see it often on binance pay, does that mean one can still use binance pin for binance pay or different pin while creating account.?

 

[Samuel72]

I understand everything you said about binance and I agree with you , you are very correct. I also see binance as one of the best cryptocurrency app this is because over here in Nigeria we can still use binance to trade cryptocurrency and it is very easy but it is also risky, you have to be vigilant so you don't get scammed.

 

[Yugocean]

This feature is always visible to me whenever i visit binance, but i don't get the feature on my binance account. I just want to figure out what this binance pay option is mainly for. I use other features or option added in the binance app, but this particular one is just taking off the gas. I'm eager to hear from you @Yugocean.

You did not mentioned which other feature you are using; but whatever, I'll advice to stop using as you'll only lose gas which is non-recoverable. (All gas are blockchain based).

I don't really understand what they are used for.

As a Payment processor, it is used in same way like other payment processors. It accepts both P2P and e-commerce, and work with whoever accepts it.

one can still use binance pin for binance pay or different pin while creating account.?

Is there Binance PIN already? I do not remember creating a PIN.

I understand everything you said about binance and I agree with you , you are very correct. I also see binance as one of the best cryptocurrency app this is because over here in Nigeria we can still use binance to trade cryptocurrency and it is very easy but it is also risky, you have to be vigilant so you don't get scammed.

Risk is even with Paypal, it is upto users to be careful, these processors have a history. I only thinks this is good alternative for PayPal.

 

[Ahmedo24]

Thanks for your enlightenment, I've been thinking that once you are on binance you get paid using your binance email. That's what I have been thinking is binance pay but I guess there is more to it, I will surely check my Binance account to know more about the Binance pay though I will be making withdrawal from Trendri using my Nigeria Bank account but it is still very good to know about it in case of future use.

 

[sincerem]

Thanks for your enlightenment, I've been thinking that once you are on binance you get paid using your binance email. That's what I have been thinking is binance pay but I guess there is more to it, I will surely check my Binance account to know more about the Binance pay though I will be making withdrawal from Trendri using my Nigeria Bank account but it is still very good to know about it in case of future use.

If your Binance account is verified you don't have to worry about. Your Binance pay account will only work on verified Binance account. All you need to do, set up the Binance pay account, which won't take you more than 10 minutes to execute then, copy the address code to trendri or any earning sites that rewards via Binance pay.

 

[Alexandoy]

Thank you for sharing this information because I am confused with Binance. Now I know that Binance is an exchange center and the Binance Pay is the digital wallet. There is also the Binance coin that I assume is a crypto coin. To be honest I have not engaged in crypto yet but I am nearing that stage.

 

[Josemendez]

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Binance Pay is a payment processor by Binance for cryptocurrency. Binance users can setup their Binance Pay account within the Binance App.

Binance Pay will use only Binance nickname, if a nickname is not set, then user have to create it. Choose a nickname wisely, because once created, it is final, the user cannot change/modify it.

Binance Pay will also ask for PIN, user have to set a six-digit pin, this PIN is a password to use the feature, so user always have to keep the PIN secure. Binance Pay QR code is the support of completing transaction process.

Users are able to set their preferred currencies on top by customizing it via drag & drop feature. Any payment completed from insufficient currency will auto deduct the next preferred currency to complete the payment value.

Binance Pay and Binance Card both are same wallet, topping-up process is done via the Spot wallet of Binance.

I have been using spot trading on Binance without going to the Binance pay section. Infact I never knew that there is something like that.
Does one have to pay transaction fee when sending money from Binance pay to another Binance pay account ?
What is the advantage in using Binance pay as compared to using address to send money to someone ?

 

[Yugocean]

Does one have to pay transaction fee when sending money from Binance pay to another Binance pay account ?

According to Binance, there is no fees charged from binance, but third party fees might be applicable. Money remains in spot wallet, this card is a free transaction service.

What is the advantage in using Binance pay as compared to using address to send money to someone ?

Best advantage is that user can use his binance amount anywhere where crypto is accepted. It is good alternative to Paypal which charges high fees.

 

[Mika]

You missed the obvious. In order to use Binance pay, your Binance account needs to complete three verification steps. Binance verification can be complicated if you do not have an ID. They accept government ID, Passport or Driving license in acceptable language. Sadly, a lot of people in my home country do not have these documents.

 

[Deleted member 28127]

You missed the obvious. In order to use Binance pay, your Binance account needs to complete three verification steps. Binance verification can be complicated if you do not have an ID. They accept government ID, Passport or Driving license in acceptable language. Sadly, a lot of people in my home country do not have these documents.

I am level 2 verified and I can use Binance Pay, Binance Pay is nowadays available from level 2 on Binance, and then you go to mobile to copy your binance payp ID and then you provide it in your profile details, I do not think it is hard to have driver licence as exams aren't hard I have get my driver licence in second trial (first trial of practice exam doesn't go well) except you have difficulties to learn driving.