WHAT IS BINANCE PAY?
Binance pay is a decentralized application (Dapp) or technology feature developed by Binance to make contactless crypto payments in a secured decentralized way via Binance exchange. With Binance pay, you can send and receive coins anywhere around the world from one merchant to another. Including friends living across the border, families, and love ones, freely without gas fee charges, just a single tap in, and the coins will be sent to the destination of your choice.
HOW DO I SEND AND RECEIVE PAYMENTS USING BINANCE PAY?
The binance pay feature was recently added to the long list of Binance features. Binance is known for developing enticing features that always promote their exchange site, and make them record a high trust score amongst all crypto lovers. Binance pay was created with the objective of easing crypto transactions, and making payments faster, more secured without charges provided it is between Binance users.
To send and receive crypto payments using Binance pay, you need to download and install the Binance app via Google play-store, or app store if you’re using iOS device. Then go straight to the app to create an account if you’re a beginner who never used Binance before. After creating an account, and confirming KYC verification, by having a verified Binance user badge. Then head over to the Binance pay feature, by clicking on the ‘more option in the main interface of the app, locate the option of the ‘Pay option, click on it when you find it. It will take you straight to the Binance pay option. From there, you’ll set up your Binance ‘Pay feature with a simple sign-up, that won’t take you more than 5 minutes to get started without KYC verification requirement.
Setting up your Binance pay’ wallet in order to get your Pay ID, requires you to confirm a one-time password (OTP) via mobile number and your e-mail account. When you’ve confirmed your e-mail and mobile number, after setting up your password to confirm transactions moving in and out from your Pay’ wallet. In order to receive a crypto payment from Binance ‘Pay one time from a merchant, you just need to copy your Binance ‘Pay ID by tapping the receive option via your Binance Pay wallet. Then go and paste it over to the merchant, by sending your Binance Pay ID via text message, to enable him or her to make the payment successfully without stress. Remember that, your Binance Pay wallet balance will show up to become tradable in your Binance wallet after 12 hours of undergoing confirmation in the blockchain server. When sending out crypto to another user, you’ll need to click on the send option in your Binance Pay wallet section, and you’ll only need the recipient’s Binance Pay wallet ID to make the contactless payment without any additional details of the recipient.
HOW SECURE IS BINANCE PAY?
Binance Pay is an advanced method of receiving and sending out crypto funds via Binance exchange. It is a smart contract decentralized application (Dapp) that makes crypto payment safer, and faster, with zero charges. There is no doubt, Binance Pay is a very secured and reliable feature designed by Binance for making crypto payments. That’s why you don’t need to feel infuriated or skeptical about transacting using the ‘Pay feature of Binance.
HOW LONG DOES IT TAKE TO CONFIRM SENT OUT COINS USING BINANCE PAY?
It’s simply a matter of seconds for the transfer to reflect on the recipient’s Binance Pay wallet. But it takes 12 hours for the received coin(s) to become tradable either to be sent out, exchange to another coin, or trade via ON-SPOT or FUTURE trading option etc, in the Binance exchange.
THE PROS OF USING BINANCE ‘PAY
– Payments are made faster
– Zero gas fee charges when sending out coins to another Binance Pay user.
– It is safe and secure making crypto transactions
– it is contactless and borderless means of transaction.
– No min or max amount to be sent or received.
THE CONS OF BINANCE PAY
– There is a delay during the confirmation of the transaction to become tradable in the Binance exchange
– You’ll lose your coins if you mistakenly input a single-digit code of your Binance Pay ID wrongly.