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What is Binance Pay?

2021-04-22 03:11
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Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance. Binance Pay allows you to pay and get paid in crypto from your friends and family worldwide. Let us understand how this new crypto payment technology closes up the circle for our different users within the Binance ecosystem. Live the crypto lifestyle you always desired.

How to use Binance Pay on Binance App?

You can access Binance Pay from the Binance App with just a few taps.
1. 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.
2. 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].
4. 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.
There are two options to receive cryptocurrency.
1. Via QR code
1.1 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.
2. Via email address/phone number/Binance ID(UID)/Pay ID
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].

Frequently Asked Questions

Binance Pay is currently only available to eligible users on Binance.com. To start using Binance Pay, please register on Binance.com and complete your identity verification.
Binance Pay currently supports more than thirty cryptocurrencies, including BTC, BNB, BUSD, ETH, ADA, ATOM, BCH, DASH, DOGE, DOT, EOS, ETC, FIL, HBAR, LINK, LTC, MATIC, NEO, PAX, QTUM, TRX, TUSD, UNI, USDC, VET, WRX, XLM, XMR, XRP, XTZ, ZEC, USDT, FRONT, STRAX, ONE, EGLD and SXP.
Please refer to the Binance App for the most updated list.
Binance Pay transactions are usually confirmed instantaneously.
You can find detailed guides as follow:

How to use Binance Pay on Binance Website?

How to start and make payments with Binance Pay?

1. Log in to your Binance account on the Binance Website and go to [Finance] - [Binance Pay].
2. If this is your first time using Binance Pay, follow the instructions below to activate your Binance Pay account. Enter Pay PIN, click [Activate].
Please note:
  • Never share your Pay PIN with anyone. Binance will not be responsible for any loss of, unauthorized disclosure, or use of your PIN.
  • You need to complete your identity verification before you can start using Binance Pay.
3. Your Binance Pay feature will be activated. You can click [Send] to send cryptocurrencies.
4. Enter the recipient’s email, phone number, Binance ID(UID) or Pay ID, then click [Continue].
5. You will see a pop-up with a list of cryptocurrencies. You can check the available balance in your Funding and Spot Wallets. If no assets are available, you should first transfer funds to your Funding or Spot Wallet.
6. Enter the amount. Then click [Continue].
7. The system will automatically utilize the funds in your Funding Wallet for the payment. To change your payment method, click [Funding Wallet] and you can use the funds in your Spot Wallet. Click [Confirm] to continue.
8. Enter your Pay PIN to verify the payment.
9. You will see the payment details once it is complete. You will also receive an email confirmation.

How to receive cryptocurrency with Binance Pay

There are two options to receive cryptocurrency.
1. Via QR code
1.1 Click [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 click [Select Currency] and choose the cryptocurrency you wish to receive, and enter the amount.
1.4 Binance Pay will generate a unique QR code based on the payment details. Simply send this QR code, your Binance ID or your Pay ID to the sender.
2. Via email address/phone number/Binance ID(UID)/Pay ID
You can also send your Binance account’s email, phone number, Binance ID or Pay ID to the sender, upon which the sender can, then enter the related information to send you cryptocurrency.
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 transaction is completed, the cryptocurrency will be reflected in your [Transaction History].