6 Key Benefits of Using Binance Pay in Nigeria

2023-02-22

Main Takeaways

  • Binance Pay allows you to make cross-border payments instantly without incurring any handling fees.

  • Nigerian users can make utility payments with Binance Pay and with cashback programs, shopping with crypto has gotten even more rewarding. 

  • Learn about the six main benefits Nigeria-based Binance users can enjoy with Binance Pay

    Cryptocurrency and blockchain technology are becoming increasingly popular in Africa, with many individuals and businesses embracing these innovative technologies to improve financial services and increase access to money.
    As a contactless, borderless, and secure user-to-user cryptocurrency payment feature on the Binance App, Binance Pay offers a great user experience for both novice and experienced crypto holders. Binance Pay allows users and merchants to send and receive crypto payments around the world without incurring special handling fees.

In this article, we’ll take a look at the key benefits of using Binance Pay for cryptocurrency payments.

6 Key Benefits of Using Binance Pay in Nigeria

1. Instant payment 

One of the most significant benefits of using Binance Pay is instant payment processing. Users can send and receive money overseas instantly, whereas traditional payment services can take several days to process transactions. Binance Pay can process over 1.4 million transactions per second, making it one of the world’s fastest payment services.

2. No fees

Binance Pay charges zero transaction fees for users who send and receive payments within the Binance ecosystem. In contrast, traditional payment services typically involve additional costs due to handling fees, foreign exchange rates, and other miscellaneous fees.

Basically, the more intermediaries there are between you and your recipient, the higher the fees. Binance Pay eliminates the middleman in your transactions, saving you money on the whole.

3. Access to a global payment network

Binance Pay is available in over 100 countries, making it a versatile payment option for a wide range of goods and services. If you want to take your business global, Binance Pay enables you to make lightning-fast cross-border payments easily. This option grants you greater flexibility and choice when transacting your crypto assets.

4. Online shopping 

Binance Pay provides a fast, secure, and cost-effective way to pay for goods and services online. This option can help online shoppers in Nigeria avoid high transaction fees and currency conversion costs while reducing the risk of fraud and unauthorized transactions.

5. Convenient utility payments

Binance Pay currently supports payment for a range of utility bills in Nigeria, including electricity, water, and Internet bills, as well as payments for cable TV and airtime recharge. Additionally, you can now purchase prepaid Binance Gift Cards and share the codes with your family and friends, who can then redeem the gift cards and use them to pay their electricity bills. 

6. Loyalty rewards

Nigeria-based Binance users can enjoy additional benefits and savings when using Binance Pay for their day-to-day transactions, such as cashback or discounts for using Binance Pay to make purchases or pay bills. Users can also earn rewards by completing various tasks, such as making a certain number of transactions or reaching a certain spending threshold.

Closing Thoughts

With instant transfers and zero fees, Nigeria-based Binance users can enjoy sending and receiving crypto to and from anyone, anywhere in the world using Binance Pay. As blockchain adoption continues to grow, we will continue providing easier ways for users to access money globally. Discover merchants and earn crypto every time you shop online!

Further Reading