Introducing Automated Payments: Try Instant Pay!

2024-03-21

Main Takeaways

  • Binance P2P has just launched a new payment automation feature.

  • This feature currently supports the Ghanaian Cedi(GHS) and Kenyan Shilling(KES). 

  • 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 GHS&KES 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

Convenient

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.

Speedy

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.

Secure

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 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:

  1. 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.

  2. 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 mobile money account. Your Binance and source mobile money account identities must match for the order to be released. 

Automated Payments on Binance P2P

If you’re using Ghanaian Cedi(GHS) or Kenyan Shilling(KES) to buy assets, you can use the ‘Instant Pay’ 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 app.

  1. Log into your account and go to [P2P].

  2. Select [GHS] or [KES] fiat currency, then select [Instant Pay] in the payment method drop-down menu, and select [Buy]

  3. You will find ads where the payment method has a Lightning badge beside it. Select your preferred ad and click [Buy]

  1. Enter the amount you want to buy and click [Buy]. An instant payment order will then be created with your order details.

  2. Select [Make Payment] to generate payment details, and tap [Pay with Instant Pay] or Scan the QR Code to pay.

  3. Enter your local mobile money account number, input the required and accurate details as described on the page. Subsequently, a prompt will appear on your device, offering a confirmation of the precise payment amount. At this juncture, you'll be requested to input your specific Mobile Money PIN to authenticate and proceed with the transaction.  

  1. 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! 

Tips for Using Automated Payments 

Double-check your verified name on Binance

The Binance P2P platform has best-in-class security protocols and customer service support to help keep users and their funds safe. Our security measures require the name on each user’s payment account to match the verified name on their Binance profile. Before placing any P2P order, it’s best to double-check that your payment account name is the same as your Binance-verified name. This step can mitigate potential issues with your transaction.

For more information, read our in-depth article, How To Check Your Verified Name On Binance P2P.

Funds are released automatically 

With automatic payment methods, you don’t have to manually mark your orders as paid, meaning there’s no need to click or tap the [Transferred, notify seller] button. Instead, simply visit your selected payment platform to transfer the funds to the account provided by the merchant. Once you’ve successfully completed the payment, the system will instantly release the crypto you purchased to your Funding wallet.

How Can I Start Posting Ads with Instant Pay?

As mentioned earlier, only trusted whitelisted merchants will be selected to support automated payment methods on Binance P2P currently. These merchants can enjoy safer, faster, and easier transactions. If you are a merchant who is interested in posting ads using this new payment method, please download the application based on your device to complete the registration process.

  • For iOS users: Please visit on an iOS device here.

  • For Android Users : Please on an Android device visit here.

If your application is successful, you will hear from our team within five working days. 

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: