Once you have inserted your card and agreed to the payment, Binance sells $100 of BNB and loads the fiat onto the card. The restaurant then gets paid $100, and you’re left with $400 of BNB in your Funding Wallet. All of this happens within the few seconds it takes to use your crypto card.
Having a crypto card provides all the same risks as holding crypto. If you have loaded up your account with Bitcoin (BTC) or Ether (ETH), your account’s fiat value will constantly change. This means you may not have the exact amount of money in your account as you think, depending on exchange rates. Another great payment option offered by Binance is the Binance Visa Card, which allows you to spend cryptocurrency at more than 60 million merchants all around the globe that accept Visa. When using the Binance Visa Card to make a payment, your crypto balances on Binance will be automatically converted to fiat and sent to the merchant. Binance Pay has more use cases beyond just simple transfers among individuals.
The recipient creates a digital invoice to be paid using their payment gateway. This is usually a QR code containing the receiving wallet address and the amount needed. For example, purchasing a $10 (US dollar) meal would require $10 of a specific cryptocurrency at the current market rate. Crypto payments provide a cheap, quick, and fast way to transfer funds. There’s no need to use local fiat currencies for international transfers.
The program features investment solutions, reward programs, liquidity farming and staking options, and so much more. The total number of current users in each cryptocurrency exchange platform. This detailed guide highlights that sending and receiving cryptocurrency through Binance Pay involves a straightforward process. Anyone can use the service so long as they have a verified Binance account.
Tapping Requests will display a list of requests that can be accepted by clicking Pay. For more detailed instructions on how to accept a payment using Pay, check out our dedicated guide. The Binance Marketplace is a list of stores supported on the Binance Pay service, including all merchants who can accept payments through the service. To access the marketplace, one has to sign up to Binance and log in to their accounts. As a business owner who is part of the Binance Pay Merchant Program, you will be able to accept crypto payments for your businesses. Simply set up your Merchant account and you can proceed with the Direct Integration of crypto payments via Binance Pay.
Crypto prices can experience high volatility if you’re not using a stablecoin. This can make it difficult for the payee to plan their finances accurately. The crypto is transferred to the payee’s account or digital wallet. The payer scans the QR code with the app and confirms the payment. Now, it’s also important to mention that Binance has a high processing throughput of roughly 1.4 million orders per second. This means that all transactions that take place on Binance happen very fast.
However, it then opened a subsidiary company – Binance.US – to provide US-based traders with an exchange that complies with all regulations. You can manage your requests from the Pay Requests & History page on your Binance.US app. Tap Requests and select the request you would like to cancel and click the Cancel button. If you would like to reject an incoming request, click the Reject button on the Pay Requests & History page. Customers are able to receive up to $1 million in cryptocurrency per 24 hour period. Any Binance.US mobile app user who has verified their identity can use the Pay feature on Binance.US.
Binance offers a Binance Visa Card for KYC and AML verified customers. You can complete the sign-up process in under a few minutes and enjoy zero administration or transaction fees, cashback, and other benefits. When shopping at a business through Binance Marketplace, you’ll be able to complete the payments using Binance Pay. The interface will guide you through the simple payment process. Here’s an example of booking service Travala prompting the user to complete the payment through Binance Pay.
While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. You can do this by sending cryptocurrency from a crypto wallet (like MetaMask) or another exchange – to your Binance account. Talking about other services offered by Binance, for one, it has the Binance Earn program, which allows users to earn passive income using their crypto assets.
It’s not rare for users to make irreversible mistakes, such as sending the wrong kind of crypto to a certain address or selecting the wrong blockchain network. As there is no way to return a crypto transaction, these often lead to significant losses. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange.
It is designed for customers all over the world to pay and get paid in cryptocurrencies. Today we’re introducing a new feature called Pay that allows users to easily send, request, and receive crypto with friends, family, and contacts on Binance.US. With instant settlement for Bitcoin, Ethereum, or any of our nearly 150 supported cryptocurrencies on Binance.US, all Pay transactions feature zero gas and zero transaction fees. The only users who might struggle to use Binance are first-time traders.
- Follow the steps below to receive payments from another Binance Pay user.
- Binance converts it exactly when you need to, which means that your crypto can still earn possible market gains.
- In markets where absolute reliability is required, there have been many incidents of untrustworthy activities, such as exchange hacks, investment scams and money laundering cases.
- To see the list of businesses that support Binance Pay, click here.
The exact terms will change depending on the issuer or financial institution. Binance Pay is a new service from the leading cryptocurrency exchange enabling its users to send and receive crypto payments amongst one another without paying any transaction fees. Merchants and individuals can use Binance Pay, and the service is available to Binance users exclusively. 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 crypto payments service offered to all Binance users.