The sweeping advance of globalization has strongly impacted trade with Fiat currency, and forced the emergence of the so-called payment gateways, its function is to facilitate payments by accepting different currencies and thus breaking the banking barrier between different countries, such as the globally known gateway like paypal which has millions of followers worldwide, now the cryptographic currency market has evolved at a pace exceeding in performance and payment facilities in a globalized way, Many payment gateways have appeared but there is one and it is the case that concerns us as the new payment system of the Binance platform called Binance Pay, which is a very new payment method and with the importance of zero commission, arises as a strong competitor of the paypal platform which already has cryptocurrencies, but really Binance pay surpasses it in speed, ease of use and best yet zero commission per transaction, contrary to paipay and others of similar cut whose commissions are high. Binance pay allows you to send payments anywhere, anytime and with no fees, which we will discuss in this informative content.
What is Binance Pay?
Binance, the first cryptocurrency exchange worldwide, launches its product Binance Pay that allows you to send and receive cryptocurrencies in a very simple way between people, make transfers between family and friends, make payments to merchants that are already many worldwide that already accept it as a means of payment either in Bitcoin, BNB and others. The transactions are very easy and secure, I want to emphasize that the transactions are with zero commission and that is very important.
What do I need to use binance pay
First of all you must be registered in Binance, you must have an account,
the other requirement is that your account must be verified, it is a simple process to verify your identity, something very important for your security, after the verification you can use the binance platform and its gateway binance pay, here I leave you the link to see the binance pay platform.
https://pay.binance.com/es-LA
What is the difference between Binance pay and other similar payment gateways?
We could summarize that the difference is the ease, speed, security and the absence of commission, to this we should mention that binance pay has several additional products that offer additional functionality and these are:
- Payment Api allows you to create your personalized payment page based on binance pay.
- Binance Marketplace to place your products in a marketplace seen by millions of users around the world, it is globalizing your business.
- Payment links Very practical for merchants, create a link to make your payments which you can place via SMS, email, chat, telegram, whatsapp or any other similar way.
- App SDK to integrate Binance pay into applications on your cell phone either IOS or Android operating systems.
- Payment page redirects your payments to the binance pay payment page.
Its features and products really make a difference
How can we use binance pay?
Once you have verified your binance account there is a one time setup before you can use binance pay with all its features, to do this go to the Fiat and spot section, then select the Pay tab and then use Open binance pay.
Create your Nickname or NickName which must be unique, then enter a 6 digit Pin, you must write it down and never share it with anyone. It is a personal password, to make payments and receive cryptocurrencies.
Finally select the activate option, and that's it, you can now send and receive payments and you have your Binance Pay properly configured.
So you can now make payments either using my email, phone or my payment
ID.
It is very easy to know your payment id, select the option to receive payment, which will show a QR code and at the bottom you can copy your payment ID.
It should be noted that you can select the Select currency option,
You will be able to place the cryptocurrency you wish to use
Binance Pay supports more than 40 cryptocurrencies and more will be added in the future
ADA, ATOM, AVA, BCH, BNB, BTC, BUSD, CTSI, DASH, DOGE, DOT, EGLD, EOS, ETC, ETH, FIL, FRONT, FTM, GRS, HBAR, IOTX, LINK, LTC, MANA, MATIC, NEO, OM, ONE, PAX, QTUM, STRAX, SXP, TRX, TUSD, UNI, USDC, USDT, VAI, VET, WRX, XLM, XMR, XRP, XTZ, XVS, ZEC, ZIL.
There you enter the amount to receive for the concept that we program, and we give the option to save QR
Note that you can place in your billing directory or print it and paste it on the box of the product for sale, if the sale is online you send it to the customer very easy is to receive payments. It is important to clarify that to confirm the payment you are making you only need the pin number already configured.
Making payments is very simple, just enter the amount with the currency you are going to pay and enter the ID of the person who will receive the payment.
Many benefits or advantages of using Binance Pay
- Binance pay simplifies the traditional P2P ways to send and receive payments, that gives you a lot of advantage over other payment platforms.
- Security takes it to another level. Both when making transactions and personally because I don't have to carry cash or cards to make payments.
- With Binance pay, I am already entering a series of benefits such as, according to Binance promotions, being able to win prizes for using the platform.
- Binance Pay has a very useful history to verify the sales made and payments, organized in a clear way. It not only shows the date of payment and transaction number, it gives you a complete detail of each transaction, person, payment detail,
- Another important advantage of Binance pay, it has a tutorial academy where you can find and clarify any doubts and even how is the complete process to use Binance pay.
- The payments received when using Binance Pay fall into a separate fund exclusive for that payment method, as a merchant I find it very good.
- I can configure all the QR codes I need and place in lists and categorize the income, for example costs for consulting, courses or very useful in the products if I have a trade, put them to the box of the product, there will indicate the amount and currency to charge,
- It allows to organize better the form that you need to receive the payments in a way that saves you time in it. For example if I sell a product by the traditional P2P way, I must go to the product catalog, take note of its price, tell the person the amount, the address of the currency in which to pay, that takes time that becomes recurrent in each collection, with Binance Pay simply send the QR Code already configured for that concept and ready as easy as that.
- I can choose which cryptocurrency I prefer, it supports more than 40 cryptocurrencies at the moment.
- Undoubtedly the best option to receive payments with cryptocurrencies, whether you are a merchant or independent professional, since transactions are instantaneous and without commission charges.
- Possibility to move funds between your personal spot wallet and binance pay or make withdrawals directed to the bank of your choice.
- The advantages of using Binance pay are many, but the main one apart from those mentioned above, is that Binance Pay works with ZERO COMMISSIONS for its use, sending and receiving payments in an ultra simple way globally.
