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.
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 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.
Once users have selected their choice of payment, the crypto payment is instantly sent to merchants. Then, merchants can receive, process and use the received crypto payment, all with the help of an efficient crypto payment gateway. Consumers in Brazil follow a similar procedure to make cryptocurrency payments as they do for public-powered fiat payments (Pix). The Binance Pay entry point can be added by retailers to their checkout process.
So far, at least fifty different assets are available to send and receive as payment or gifts. A merchant who has not enough tech resources can also apply via Channel Partners. Binance Pay has some licensed financial institutions or third-party agencies that can help merchants set up the Binance Pay crypto payment options. The first gaming site in Latin America to accept cryptocurrency payments is Weo Games. If you’re interested in using your crypto to pay for everyday fiat purchases, a crypto card is your best option. You can sign up for a free Binance Visa Card with your Binance account, so long as you have completed the required KYC and AML checks.
Binance Pay is of course also a great option for receiving crypto. In order to see your Binance Pay details, go to “User Center” → “Pay” in the Binance app. You can additionally customize the QR Code to only accept a specific cryptocurrency or amount if you like.
Integrating 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.
- Otherwise, you need to register for a Binance account and verify your identity before proceeding.
- Additionally, WordPress, Weo Games, Valorant, and other new partners have joined forces with Binance Pay.
- Once users have selected their choice of payment, the crypto payment is instantly sent to merchants.
- Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance.
- 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.
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 https://www.xcritical.in/ 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.
Receiving crypto
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.
Note that you will need to use the 6-digit PIN you created earlier to verify the payment. Whether you choose to scan a QR code or enter the recipient’s email, phone number or Binance Pay ID, you will then have to select which cryptocurrency you want to send. You can use cryptocurrencies that are in your Funding Wallet or your Spot Wallet. The Funding Wallet is the default option, but you can change it to Spot Wallet if you wish. It’s also possible to use Binance Pay to send crypto to users who don’t have a Binance account. In this example, the intended recipient would receive an email or text message inviting them to join Binance Pay and receive your crypto payment.
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/crypto-payment-solution/ 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.
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.
This saves you from converting into the local fiat currency when making international payments. It’s worth noting that only currencies that you already hold in your Spot or Funding wallets will appear here. Sending any other asset will require that you first go back and convert the available balance into a cryptocurrency of your choice, then come back and select it in this stage. Another quick alternative to accessing the Pay feature is tapping and holding the Binance app icon on your phone’s home screen. This action reveals a few quick options, including launching the Binance Pay scan tool.
Cryptocurrency payment gateways are transaction facilitators between merchants and customers. Business owners use them to accept and process digital crypto payments. In this post, find out how crypto payment gateways work and how you can accept crypto payments with Binance Pay.
