Where to find Binance Pay ID

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:

1. Create an account on the exchange.
2. Confirm the identity. The maximum level is enough.
3. Go to the Pay section.
4. 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”.
5. 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:

1. Log in to the account, then – in the Pay section.
2. Select the recipient by phone number/e-mail, Binance ID, Pay ID.
3. Click on the “Continue” button.
4. Enter the amount and currency of payment. You can add a comment.
5. 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:

1. Enter the Pay section and click on “Send to multiple”.
2. Download an Excel file and fill it out according to the instructions.
3. Upload the completed document.
4. Click on “Confirm.”

Users can also pay for purchases from crypto exchange partners. The algorithm of the transaction is as follows:

1. Open the list of stores in the “Pay with cryptocurrency” section.
2. Go to the partner’s website.
3. Choose a product and put it in the cart.
4. At checkout, select Payment ID on Binance.
5. A QR code will appear on the screen. You need to open the Binance app and scan it.
6. 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.

Author: Saifedean Ammous, an expert in cryptocurrency economics.