Hello Everyone, Do You know about Binance Send and Receive Crypto Between Binance Wallets feature? If You never heard of this, then Today, You are going to learn about how you can send any crypto with any value from your Binance account to any Binance account around the world within a fraction of a second with BINANCE PAY.
WHAT IS BINANCE PAY?
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Binance Pay: A Borderless Crypto Payment
Binance Pay is an amazing payment system by Binance with borderless, contactless, and secure use-to-user cryptocurrency payment designed by Binance on Binance App. Binance Pay was launched on the month February of 2021 during the Coronavirus Pendamic as most the people are locked inside and do most of their transaction online which Give Binance a good Opportunity to launch this feature to the new world of Web3.0.
WHY BINANCE LAUNCHED BINANCE PAY?
Binance Launched this Pay feature to allow payments to occur in easy convenient, and secure manner. Binance want to make Crypto more Part of people’s daily lives to increase adoption and utility.
Binance CEO Changpeng Zhao (CZ) share how Binance Pay is one step toward the future of payment and realising the benefits of crypto’s freedom of money potential.
“Traditional payment infrastructure services are riddled with high transaction fees; we see this Pay product as a way to solve one of the many issues and limitations of traditional finance,” said Changpeng Zhao (CZ).
CZ continued, “Binance Pay will be part of our long-term development to complete the crypto journey and allow people to live in crypto, especially with digital payments being an integral part of everyone’s daily lives.”
Binance Launched the beta version of Binance pay at the starting exclusively for peer-to-peer payments. About 250,000 users interacted and experienced the amazing feature of binance pay. Later, Binance Pay is available for both merchant based transaction and peer-to-peer payments.
HOW TO SEND CRYPTO WITH BINANCE PAY?
- There are 4 ways to access Binance Pay on your mobile:
- Tap on the QR code scanner from the App homepage and scan your recipient’s Binance Pay QR code;
- Tap on the […] on the App homepage and tap [Send]. Enter the recipient’s email, phone number, Binance ID(UID) or Pay ID;
- Go to [Wallets] – [Funding] – [Pay] to enter Binance Pay and tap [Send]. Enter the recipient’s email, phone number, Binance ID(UID) or Pay ID;
- Long-press the Binance App icon from your mobile home screen, and tap [Scan] to open up the QR code scanner. Scan your recipient’s Binance Pay QR code.
- After scanning or entering the details of your recipient, the system will redirect you to the cryptocurrency list page. You can check the available balance in both Funding and Spot Wallet. If no assets are available, you should first transfer funds to your Funding or Spot Wallet.
3. Enter the amount. Then tap [Continue].
- The system will automatically utilize the funds in your Funding Wallet for the payment. To change your payment method, tap [Funding Wallet] and you can use the funds in your Spot Wallet. Tap [Confirm] to continue.
5. Enter your Pay PIN to verify the payment.
6. Then you will see the payment details once it is complete. You will also receive an email confirmation.
HOW TO RECEIVE PAYMENTS AND BINANCE PAY?
- Via QR code
- Go to [User Center] – [Pay], and tap [Receive]. Or you can directly tap on the […] on the App homepage and tap [Receive] to generate your unique QR code and Pay ID.
1.2 Simply send this QR code to the other party and they can scan the QR code with the Binance App to send cryptocurrency to you.
1.3 If you want to specify the cryptocurrency and amount, you can tap [Add Amount].
For example, you want to receive BNB from your friend. Select BNB under [Currency] and enter the amount (optional). You may add a note as well. Binance Pay will generate a unique QR code based on the payment details. Simply send this QR code or your Pay ID to your friend to receive cryptocurrency payment.
You can also send your Binance account’s email, phone number, Binance ID or Pay ID to the sender to receive cryptocurrency payment.
Please note: Pay ID is different from Binance ID(UID). Pay ID is generated from Binance Pay and used specifically for receiving cryptocurrency. Your Binance ID is your Binance unique identifier that is used for distinguishing your account.
After the payment is successfully completed, the funds will be reflected in your [Wallets] – [Funding] – [Pay] – [Payment History].
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