Binance P2P Introduces Automated Payments
Binance P2P has just launched a new payment automation feature.
This feature currently supports the Nigerian naira (NGN) and Indian rupee (INR).
Read on to find out more about the benefits of automated payments and how you can use them to buy crypto faster, safer, and more conveniently.
Binance P2P now supports automated payments in NGN and INR, and has plans to add more currencies. Learn about the benefits of using an automated payment method and how to use it.
Binance P2P is excited to announce that we are launching automated payments for our users. This latest upgrade will make transactions on the Binance P2P platform smoother, faster, and more secure for both buyers and sellers.
What Are Automated Payments?
Automated payment methods allow assets to be released immediately after the exact payment amount has been transferred from the buyer to the seller.
Existing peer-to-peer (P2P) payment methods typically require buyers to make payment, then manually mark the order as paid, and wait for sellers to release the purchased assets to them. In order to safeguard both parties, certain precautions are necessary during a P2P transaction. Typically, buyers are required to present proof of payment, which sellers must manually verify before they release the assets. This can be a cumbersome process.
By automating the payment verification and asset release process, buyers can receive their newly purchased assets instantly and sellers don’t have to check each order payment or release assets manually. Essentially, the new automated payment methods enable our platform to automatically process the release of crypto held in escrow without manual intervention.
Benefits of Automated Payments
The introduction of an automated payment feature eliminates the need for buyers to send proof of payment, as well as the waiting time for payment verification by sellers.
Sellers can have their orders automatically fulfilled once the system verifies payment on their behalf. By eliminating manual intervention on both the buyers’ and sellers’ end, the effort required from both parties is decreased. In addition, buyers will only be able to appeal transactions after completing payment. This prevents sellers’ assets from being unnecessarily frozen during an appeal process.
The entire payment process is automated and integrated with a payment service provider that enables us to process payments faster. The instant release of assets means no unnecessary order delays for either party.
The system is available 24/7 and will auto-release each order once the correct payment is made. By eliminating the need for the buyer to manually mark their order as paid, then wait for the seller to release the crypto, the transaction time is drastically reduced.
Buyers will be pleased to note that only whitelisted merchants (identifiable by a pink Lightning badge) can use this payment method on the Binance P2P platform. This policy is enforced to ensure that buyers trade only with trusted counterparties.
Sellers can also focus on their business with peace of mind, as only correct payment amounts will trigger the automatic release of assets. This helps minimize the incidence of scams and ensures that sellers always receive accurate payment.
The automated payment feature also prevents the following:
Erroneous transactions or partial payments: Inaccurate payments will be refunded to their source accounts by the system. For example, if the payment amount for an order is $400, but the buyer has paid only $399, the assets will not be released. Instead, the amount paid will be auto-refunded to the buyer's source bank account if they're trading with a Lightning merchant using NGN.
Duplicate payments (or double-spending): When a valid payment is made, the order will be completed automatically, leaving no avenue for the buyer to make another payment for the same order.
Third-party payments: If the payment is made from a third-party account, the order will not be released. Even if the buyer makes the payment from their own account, the order won’t be released if their Binance account identity does not match with their bank account. Your Binance and bank account identities must match for the order to be released.
Automated Payments on Binance P2P
Currently, the automated payment feature accepts only the Nigerian naira (NGN) and Indian rupee (INR), although Binance P2P plans to extend this service to include more currencies. If you’re using NGN to buy assets, you can use the ‘Instant Bank Transfer’ payment method for automated payments.
How Do I Use an Automated Payment Method to Buy Crypto?
This is how you can buy assets using automated payments on the Binance P2P app.
Log into your account on the Binance P2P page and go to P2P Trading.
Select [NGN] fiat currency, then select [Buy], and select [Instant Bank Transfer] in the payment method drop-down menu.
You will find ads by merchants that have a pink Lightning badge beside their nicknames. Select your preferred ad and click [Buy]
Enter the amount you want to buy and click [Buy]. An instant payment order will then be created with your order details.
Select [Make Payment] to generate payment details. Log in to your local bank account and paste the unique bank account information generated by Binance P2P to initiate payment.
Upon successful and valid payment, the assets will be released automatically. Check your Funding Wallet to find your newly bought assets. You are encouraged to leave feedback and order again!
How Do I Apply to Become a Lightning Merchant?
As mentioned earlier, only trusted whitelisted merchants will be selected to support automated payment methods on Binance P2P currently. These merchants can enjoy special badges, as well as safer, faster, and easier transactions. If you are interested in becoming a Lightning Merchant, please send an email to firstname.lastname@example.org expressing the same.
Start Using Binance P2P!
To start enjoying the benefits of automated payments, sign up for a Binance account now.
To learn more about Binance P2P:
(Support) P2P FAQ Center
Disclaimer: Your use of Binance P2P services and all information and other content (including that of third parties) included in or accessible from Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. The Binance P2P platform has neither the right nor obligation to resolve any disputes arising from a completed payment. Neither the Binance P2P platform nor its merchants shall be responsible for any loss after a completed payment.