Binance P2P is a marketplace for buying or selling crypto directly with other Binance users using your preferred local currency, price, and payment method.
Automated payment methods allow assets to be released immediately after the exact payment amount has been transferred from the buyer to the seller, making the crypto transaction faster, safer, and more convenient.
This feature currently supports the Ghanaian cedi (GHS), Kenyan shilling (KES), and South African rand (ZAR).
Binance P2P now supports automated payments in GHS, KES, and ZAR in Africa, with planned support for more currencies. Learn about the benefits of using automated payment methods, and how to use them.
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.
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.
When the payment verification and asset release process is automated, 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 Binance’s P2P platform to automatically process the release of crypto held in escrow without manual intervention.
The introduction of an automated payment feature eliminates the need for buyers to send proof of payment, and with it, the wait for payment verification by sellers.
Sellers can have their orders automatically fulfilled once the system verifies payment on their behalf. With manual intervention on both the buyer and seller’s end minimized, the effort required from both parties decreases. 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. As the need for the buyer to manually mark their order as paid, then wait for the seller to release the crypto is eliminated, the transaction time is drastically reduced.
Buyers will be pleased to note that only whitelisted merchants and makers can post ads with this payment method on the Binance P2P platform. This policy is in place to ensure that buyers trade 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:
Duplicate payments: 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 that on their mobile money account. Your Binance and source mobile money account identities must match for the order to be released.
If you’re using Ghanaian cedi (GHS), Kenyan shilling (KES) or South African rand (ZAR) to buy digital assets, you can use the ‘Instant Pay’ method for automated payments.
This is how you can buy assets using automated payments on the Binance P2P app.
Log into your Binance account and go to P2P Trading.
Select [GHS], [KES], or [ZAR] fiat currency, then select [Buy], and use the filter to select the automated payment method: [Instant Pay].
You will find ads where the payment method has a Lightning badge beside it. Select your preferred ad and click [Buy].
Enter the amount you want to buy, then click [Place Order] to proceed with the order.
Tap [View Payment Details] to confirm the instant order details, and then tap [Instant Pay], following the payment instructions to proceed with the payment process. Tap [Confirm Payment] to complete the payment.
Upon successful and valid payment, the assets will be released automatically. Check your Funding Wallet to find your newly bought assets. If all looks good, leave feedback and order again!
Automated payment methods are now available on Binance P2P for both merchants and makers in Kenya, Ghana, and South Africa! This feature enables safer, faster, and more seamless transactions.
If you're a merchant or maker interested in posting ads using this new payment method, please watch the walkthrough video to get started.
Once you apply, our team will review your request and respond within five working days if your application is successful.
Stay ahead with secure and efficient trading on Binance P2P!
To start enjoying the benefits of automated payments, sign up for a Binance account now.
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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.
