The payment service of the Binance exchange allows you to transfer money to friends and trade on P2P without commission. Citizens of countries with loyal legislation can pay by QR code. Cryptocurrency is debited from the balance of the exchange, and the merchant receives fiat. The technology helps to make digital assets an element of everyday life. To receive the transfer, you need to give the sender a unique customer ID. You can find Binance Pay ID on the website or in the mobile application. In your personal account you need to set the priority of cryptocurrencies – they will be spent during transfers first.
What is a Binance Pay ID
This is a unique number that is assigned to each user of the payment system. The client receives it at the first login to the service. The code is generated on the basis of the Binance ID tied to the main account. Therefore, you can be sure that there are no two users with the same Pay ID.
Why you need it
Binance Pay is a fast and cheap way to exchange funds between exchange customers. Users can pay for orders on the P2P platform and transfer money to friends. The easiest way to specify the recipient is to enter a Binance Pay ID.
Entrepreneurs install the payment widget on websites, offering customers to pay with cryptocurrency. In October 2023, 64 stores connected the option. The full list can be found on the website of the crypto exchange.
Principle of work
The mechanisms of Binance Card and Pay are the same. You can pay for purchases only in those countries in which it is allowed by law. Transfers are performed between users of Binance. The exchange deducts cryptocurrency from the internal balance of one client and credits another. But in fact, the money remains on the platform’s shared wallet. Therefore, Binance can set small commissions.
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Most transactions are free of charge. If the limits are exceeded, they take up to 1 USDT per transaction.
Where to see Binance Pay ID
To receive money from another user of the exchange, you need to provide your client number. You can view the Pay ID on Binance through the website or in the mobile app. Also, users create QR codes and pass them to counterparties.
In the mobile application.
You need to click on the Pay icon at the top right to display the information. The number can be viewed in the left corner of the screen.
On the official website of the exchange
You should log in to your profile and select “Finance – Binance Pay”. The ID is located at the top of the page under the nickname.
Search for transactions by ID
Find transactions can be found through the website and in the mobile application. Instructions on how to get the data:
- In the application – go to the Binance Pay service and click on the “History” icon. You can see all transactions – for a specific date and transfers to certain users.
- On the website – log in to your Binance account, open the Pay menu and then “Transaction History”. You can apply filters – date, asset, ID.
Binance Pay Overview
Users can customize the service in more than 30 languages, set a dark or light theme. The icon for changes is at the top of the screen. The main page of the service displays the maximum limit of transfers per day/month and the amount spent for the current period. At the bottom are the latest transactions.
To view the full history of transactions you should click on the icon at the top of the screen. Customers have access to such sections as:
- “Pay with cryptocurrency”. Here are collected partner stores that accept payments through Binance Pay.
- “Become a Merchant”. Store owners can fill out applications to add a widget. The option is only available on the site.
- “Send Funds”. You can withdraw coins to your personal external fiat account. Only the verification currency is available.
- “Send”. This is the page to create a transfer to another user.
- “Receive”. You can generate a QR code to receive transfers.
- “Send to multiple”. A box to create a batch transfer – only available on the site.
- “Crypto Box”. Users can gift cryptocurrency to an unknown recipient or open a box.
- “$1 Game”. Customers can get a voucher for $500. To do this, you need to freeze $1 on your account and invite as many friends as possible.
- “Settings”. You can set the priority of coins for spending, receive a transfer by e-mail/phone and create a payment password.
The exchange does not set restrictions on the use of Binance Pay. All clients with verified accounts can make transactions.
Owners of Telegram channels organize drawings with the help of the Binance payment service.
For this purpose, they create crypto boxes. To get a gift, you need to open the link. Instructions for using the Binance payment service:
- Create an account on the exchange.
- Confirm the identity. The maximum level is enough.
- Go to the Pay section.
- For the transfer, you will need to save your ID or open the settings and check the box next to “Receive funds using an email address or phone number”.
- At the bottom of the page the most popular stores with payment via Binance Pay are displayed. To see all the offers, you should open the list. To pay, you should scan a QR code when making a purchase.
Service functionality
Binance Pay allows users to transfer cryptocurrency instantly. Customers can send and receive more than 70 popular coins.
If the investor’s balance does not have the desired cryptocurrency, the exchange will debit the prioritized one. Assets are converted at the current exchange rate. For example, if a user needs to send 10 USDT, but there are only 5 coins in the account, they will be debited, and the balance will be deducted from the balance of BNB, BUSD or BTC. Other options of the service:
- Coin withdrawal in fiat. Cryptocurrency can be sent only to personal accounts. For clients from the Russian Federation – in Raiffeisen Bank.
- Receiving transfers from other users.
- Payment for purchases by QR code.
- Batch sending of cryptocurrency (up to 500 recipients).
- Creating a transfer link or QR code. This may be required when collecting money.
Making payments
To get started, you need to replenish the balance of the crypto exchange in a convenient way. Funds will be deducted from the “Spot Wallet”. To transfer money you should:
- Log in to the account, then – in the Pay section.
- Select the recipient by phone number/e-mail, Binance ID, Pay ID.
- Click on the “Continue” button.
- Enter the amount and currency of payment. You can add a comment.
- Confirm the transaction with a PIN or 2FA authentication.
In some cases, you may need to send cryptocurrency in batch. For example – to pay rewards or paychecks.
Binance supports the transfer of up to 500 recipients simultaneously.
The option is available only through the website. To create a request, you need to:
- Enter the Pay section and click on “Send to multiple”.
- Download an Excel file and fill it out according to the instructions.
- Upload the completed document.
- Click on “Confirm.”
Users can also pay for purchases from crypto exchange partners. The algorithm of the transaction is as follows:
- Open the list of stores in the “Pay with cryptocurrency” section.
- Go to the partner’s website.
- Choose a product and put it in the cart.
- At checkout, select Payment ID on Binance.
- A QR code will appear on the screen. You need to open the Binance app and scan it.
- The smartphone will display the details of the transaction. Check the data and confirm the payment.
Receiving a transfer
The option can be used for personal payments and business. Available ways of receiving a transfer:
- QR code.
- Binance ID.
- Phone number.
- Email address.
- Pay ID.
- Payment link.
In the personal account, you can customize the transfer currency or allow sending funds in any asset. If a group of users discounts a purchase (for example, subscriptions), the link integrates the exact amount and sends it to the general chat. To do this, select the “Split payment” option, specify the amount and the number of participants.
Creating a QR code
You can generate links with the exact amount in the specified currency to receive any amount of a specific asset and universal for different coins and volumes. Procedure for creating a QR code:
- Go to the Pay section and click on “Get”.
- Select the method – QR code.
- If necessary, you can set the currency and amount.
- Save the link and send it to the sender.
Accepting payments
Binance clients can set up the option on personal sites. This requires registration in a jurisdiction with loyal legislation. Required:
- Go to the Pay section and click on “Become a Merchant”.
- Select “Fill out the application”.
- Specify the type of solution – merchant or trading partner. The former are owners of stores equipped with equipment for Binance Pay integration. The second are employees of financial organizations that provide acquiring services or solutions for using the service. They help entrepreneurs who do not have the technical ability to install the function.
- Choose the type of documents. Private merchants present identity cards, corporate merchants – certificates of company registration.
- Provide information about the business and upload documents.
- Sign a service agreement with the platform.
After filling out the application, the client will receive a response from the support service within 48 hours. The decision will be communicated by email. If the result is positive, the user will be able to add a widget to the website and receive payment in cryptocurrency.
Transaction processing speed
Internal transfers in cryptocurrency are carried out instantly. The transaction is not recorded in the blockchain, so the speed is not affected by the type of network, there is no need to wait for confirmations.
Transactions in fiat are performed within a day. For international transfers, the term can be increased up to 10 working days. It depends on local legislation.
The estimated time of transaction execution is displayed when creating a request after selecting the destination country.
Supported cryptocurrencies
The service allows you to transfer popular digital assets from the platform’s listing. Funds are deducted from the exchange balance, the default spending priority is BNB, BUSD, USDT, BTC, ETH. You can swap coins, delete or add others. To do this, you need to go to the settings and select “Settlement Priority”. In total, more than 70 assets are available, including:
Pros and cons of using Binance Pay
Binance Pay is a convenient and inexpensive way to receive and send money. In 2023, the exchange limited the functionality for Russian users. But through Binance Pay it is still possible to withdraw funds in rubles to Raiffeisen Bank cards. The service allows you to participate in drawings, promotions and quizzes, receive crypto boxes. Other pros and cons – in the table.
| Advantages | Disadvantages |
|---|---|
Frequently Asked Questions
✨ How do I cancel an erroneous transfer?
Binance Pay ID transactions are non-refundable. Therefore, you should carefully check the data before confirming. If the counterparty is known, you can contact them and arrange for a reverse transfer.
📱 Why is there no Pay section in the application?
The service is available to all users after account verification. If the section is not displayed, you need to switch to Pro mode. To use the service you should connect 2FA-authentication.
📌 How to increase the daily transaction limit?
Regular users can transfer up to 8 million BUSD per day with the help of this option. To increase the amount you need to get VIP status. To do this, you need to increase your turnover on the spot or futures market. The maximum amount is 96 million BUSD.
🤑 In what currency will I get a refund when I cancel a purchase?
A customer can return a low-quality product and receive a refund. To do this, the merchant creates a new transaction in the currency at the merchant’s discretion.
⚡ What is a PIN for Binance Pay?
Exchange customers can assign short combinations to confirm transfers. This is convenient but optional. If no PIN is set, transactions need to be signed using 2FA one-time passwords.
📣 What is the difference between a Binance ID and a Pay ID?
These are unique numbers that are assigned to Binance customers. The former can be found in your profile on the exchange’s main website, while the latter is a separate identifier for Binance Pay ID users.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
