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What Does Binance P2P’s New Lightning Badge Mean?

2022-10-19

Main Takeaways

  • If a merchant's nickname or a payment method has the pink lightning badge next to it, it means the payment methods supported are automated on Binance P2P.

  • Trading with merchants or payment methods with this badge also means your transactions will be much faster, safer, and more convenient for all parties involved.

Get ready to make faster, safer, and more convenient P2P transactions!

Peer-to-peer (P2P) trading gives users the freedom to buy and sell crypto directly with other users on their terms. Sellers can choose how they want to be paid, and buyers can purchase crypto using their preferred payment methods.

On Binance P2P, users can trade crypto with over 700 flexible payment methods and 100 fiat currencies. This makes our platform one of the easiest gateways for users to access crypto. 

As part of our commitment to creating a safer and smoother P2P trading experience, we're always looking for more ways to improve our platform to best suit our users' needs. As such, Binance P2P has launched automated payments so users can now complete P2P transactions faster, safer, and more conveniently when they trade with merchants or payment methods that have a pink Lightning badge. 

What Does the Lightning Badge Mean? 

The pink Lightning badge next to a merchant’s nickname or payment method’s name means the payment methods supported are automated on Binance P2P. The new automated payment methods enable our platform to automatically process the release of crypto held in escrow without manual intervention.

This means buyers do not need to mark the order as paid, and sellers do not need to check for accurate payment before releasing funds. Moreover, only selected whitelisted merchants we choose can support this payment method. 

Note: Automated payment is currently only available for INR, NGN, and UAH currencies.  

Key Benefits of Using Automated Payment Methods

Safer

Payments won’t be released by our system unless the exact amount has been paid. This eliminates the risk of a buyer making double payments, third-party payments, and erroneous transactions.

For example, if the payment amount for an order is $400, but the buyer has paid only $399, the order will not be released. Instead, the amount paid will be auto-refunded to the buyer's source bank account if they're trading with automated payment methods using NGN. 

If a buyer is transacting with an automated payment method using INR or UAH, they won't even be able to send an incorrect payment amount in the first place. The payment is made by scanning a QR code, and the exact amount is pre-filled, leaving no room for error. 

Additionally, only merchants selected by the Binance P2P team are allowed to support this payment method, so users buying crypto using this method are assured that the P2P team trusts their counter-parties.  

Faster and more convenient 

The entire Lightning payment process is automated and integrated with a payment service provider that enables us to process payments faster. 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 and effort required from both parties is drastically reduced. 

How To Start Using Automated Payments

1. Log into your Binance account and go to P2P trading.
2. Select either INR, NGN, or UAH fiat currencies.
3. Select an ad posted by a merchant with the pink lightning badge next to their nickname or a payment method with the pink lightning badge as shown below and start trading!

 Start Trading On Binance P2P Today 

Ready to start trading crypto on Binance P2P? Sign up for an account and complete the identity verification process. Once your account is verified, you can start trading on our P2P exchange.

To learn more about Binance P2P, check out these links:


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.