Binance Pay is a cryptocurrency payment feature launched by Binance β think of it as the Alipay or WeChat Pay of the crypto world. You can use it to transfer money to friends, pay at supported merchants, and the fee is zero. Sounds good, right? This article teaches you how to use it. First, make sure you have a Binance account β if not, register one at the official Binance website. Operating on your phone via downloading the Binance App is the most convenient.
How to Activate Binance Pay
Binance Pay doesn't require separate activation. As long as you have a Binance account and have completed basic identity verification (KYC), it's automatically activated.
On the Binance App homepage, tap "Pay" or search "Pay" in the search bar to find the entry. On first use, the system will ask you to set a Pay ID β this is your payment identity, similar to a PayPal username. Your Pay ID can be your phone number, email, or a custom username.
How to Transfer Money to Others
Transferring to friends with Binance accounts is very simple:
- Open the Binance App, go to the Pay page
- Tap "Send"
- Enter the recipient's Pay ID, phone number, or email
- Select the transfer currency (USDT, BTC, BNB, etc.)
- Enter the amount
- Confirm and enter your payment password
Transfers arrive instantly β no need to wait for blockchain confirmations since this is an internal transfer between Binance accounts. And regardless of the amount, the fee is always zero.
How to Receive Payments
There are two ways to receive payments:
Method 1: Share your Pay ID Simply tell the other person your Pay ID and have them use the transfer process above to send money.
Method 2: Generate a payment QR code On the Pay page, tap "Receive" to generate a payment QR code. The other person scans it to pay you. You can also set a fixed-amount QR code, which is suitable for business scenarios.
In-Store Merchant Payments
More and more offline merchants are starting to accept Binance Pay. When shopping at a Binance Pay-supported merchant:
- The merchant displays a payment QR code
- Open the Pay page in your Binance App
- Tap "Scan" to scan the merchant's QR code
- Confirm the payment amount and currency
- Enter your payment password to complete the transaction
Currently, tens of thousands of merchants worldwide support Binance Pay, mainly concentrated in Southeast Asia, Europe, and South America. You can view nearby supported merchants on the Pay page in the Binance App.
What Currencies Does Binance Pay Support
Binance Pay supports dozens of mainstream cryptocurrencies. Common ones include:
- USDT β Most commonly used, stably valued at 1 USD
- BUSD β Binance's own stablecoin
- BNB β Binance's platform token
- BTC β Bitcoin
- ETH β Ethereum
You can choose any supported currency when transferring, and the recipient receives exactly what you sent. If both parties want different currencies, the recipient can exchange within Binance after receiving.
How Is This Different from On-Chain Withdrawals
Many people confuse Binance Pay transfers with regular on-chain withdrawals. Here's a simple comparison:
| Comparison | Binance Pay | On-Chain Withdrawal |
|---|---|---|
| Fee | Zero | Network fee required |
| Arrival speed | Instant | Depends on network congestion |
| Scope | Between Binance users | Any wallet address |
| Address needed | No | Requires on-chain address |
Simply put, use Pay for transfers to Binance users as it's most cost-effective. For non-Binance users or transfers to your own cold wallet, on-chain withdrawal is necessary.
FAQ
Q: Does Binance Pay have transfer limits? A: Yes, specific limits depend on your KYC level. Basic verification users have lower per-transaction and daily limits; completing advanced verification significantly increases the limits.
Q: Can a Binance Pay transfer be reversed if sent to the wrong person? A: Once a transfer is completed, it cannot be automatically reversed. You'll need to contact the recipient to negotiate a refund, or contact Binance support for assistance.
Q: Can someone without a Binance account receive payments? A: No, Binance Pay only supports transfers between Binance users. The recipient needs to register a Binance account first to receive your payment.
Q: What's the relationship between Binance Pay and Binance C2C? A: They're completely different. C2C is a channel for buying and selling crypto with fiat currency (like CNY), while Pay is a payment and transfer tool for cryptocurrencies.
Security Reminder
When using Binance Pay, make sure to set a payment password that's different from your login password. Before transferring, carefully verify the recipient's information and confirm the Pay ID is correct before sending. If someone claims they'll send you money through Binance Pay and then asks you to "refund part of the cash," this is a classic scam β ignore it.
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