What Is Binance Pay and How to Find Its ID?
Binance Pay is a contactless, secure, and borderless means of sending and receiving crypto payments within the Binance platform. You can pay, receive, and send crypto with no fees at all, straight from your Binance account. You don’t have to copy lengthy wallet addresses or concern yourself with selecting the correct blockchain network. It all takes place within the Binance app, so crypto transfers are fast and hassle-free.
The benefits of using Binance Pay are simple. It is free to use, with no network fees or gas fees. Transactions are instant, so you don’t have to wait for confirmations. It also works globally, which means you can send and receive crypto from people around the world who use Binance. Plus, it’s safe and backed by Binance’s security system.
This guide will explain what Binance Pay is, how it works, and provide a step-by-step guide on how to use Binance Pay. You’ll learn how to create a Binance account and how to send and receive crypto with Binance Pay.
What Is Binance Pay?
Binance Pay is a feature that allows you to send and receive crypto instantly and free of charge. You can use it to pay your friends, send money to relatives, or accept payments for your business. It is very easy to use and operates within the Binance app. Binance Pay accepts more than 100 cryptocurrencies for payments, and you can make payments using coins such as Bitcoin, Ethereum, USDT, USDC, and BNB. Also, you can select which coin you wish to use first when you are making a payment. Binance Pay also works as a Binance payment gateway that helps businesses accept crypto payments easily.
Currently, Binance Pay has more than 40 million active users, and most of the individuals use it to spend their cryptocurrency at tens of thousands of stores, both online and offline. You can use it to shop, pay for food, book travel, and more. It also works well for sending money across countries, and even it is much faster than a bank transfer and has zero fees.
To use it, first, you require a Binance account, and after logging in, proceed to the Binance Pay option on the app. You can send cryptocurrency by using an individual’s Pay ID, phone number, or email. You can also scan their QR code, and the cryptocurrency will be sent to their Pay wallet immediately.
Start using Binance Pay today to send and receive crypto instantly, securely, and with zero fees – no wallet addresses or networks needed, just smooth and easy payments.
What Are the Pros and Cons of Binance Pay?
Pros of Binance Pay
The pros of using Binance Pay are easy to use, low fees, global transactions, secure payments, and flexible payment features.
- Easy to Use: Binance Pay makes it easy for you to send or receive cryptocurrency with only a couple of taps on your phone. You can quickly pay merchants or share bills with your friends. It supports more than 100 cryptocurrencies, and that means you have lots of cryptocurrency alternatives.
- Low or No Charges: The majority of Binance Pay transactions are completely free, and that’s great for keeping costs down. But, for larger transactions, above 140,000 USDT, you need to pay 1 USDT. That’s really not expensive compared to using old-style payment methods. You can also view all the charges before finalizing the transaction.
- Global Reach: You can send crypto anywhere in the world instantly and with low fees. International transfers from traditional banks take days or even weeks. Binance Pay does it instantly, and it’s best for paying friends or shopping around the world.
- Secure Payments: Binance Pay has robust security features, such as two-factor authentication and encryption. This protects your funds and information. Also, Binance has a good history of safeguarding users. You can rely on it for daily payments.
- Flexible Features: You can easily modify the way you spend your crypto or even send crypto gift boxes. It is also capable of mobile top-ups and peer-to-peer transfers.
Cons of Binance Pay
The cons of using Binance Pay are mandatory KYC verification, limited acceptance by merchants, customer support delays, and regulatory risks.
- Requires KYC Verification: You need to go through extra Binance Know Your Customer procedures to use it. You have to provide personal information, such as your ID and address. Some find this restrictive on privacy grounds.
- Limited Acceptance by Merchants: Few retailers currently accept Binance Pay. You can use it on Binance’s Marketplace, but there is limited choice. Of course, adoption is increasing, but it’s not quite there yet.
- Customer Support Problems: Binance’s customer service is not always good. When you encounter issues, such as a failed transaction, it may take some time before you can receive assistance. It can be irritating when you urgently need fixes to be done immediately.
- Regulatory Risks: As you know, crypto payments are subject to uncertain regulations in certain nations. Binance has experienced legal troubles previously that may influence Binance Pay. So, this creates some risk when using it for the long term.
Who Can Use Binance Pay?
You can use Binance Pay if you want to send payments, a shopper or traveler, a business wishing to accept crypto, an individual who wishes to send gifts, or wishes to handle automated subscriptions.
- People who want to send payments: Any person with a verified Binance account can easily send crypto to friends or relatives around the globe. All you need is the recipient’s Binance ID, email address, or phone number, or you can scan their QR code too. It’s quick, often free, and supports more than 100 cryptocurrencies.
- Shoppers and travelers: Binance Pay allows you to purchase items or book travel with cryptocurrency at thousands of online and offline retailers. Here, you can pay for clothes, electronics, or even hotel nights on websites like Travala. It supports more than 100 different cryptocurrencies, so you have many options. So, it’s great for anyone who wants to spend crypto as easily as cash.
- Businesses wishing to accept crypto: Merchants can accept payments in crypto from users on Binance. They must apply for a merchant account with Binance Pay. They can also process payments and refunds via the Merchant Management Platform.
- People who want to send gifts: You can use the Binance Pay Red Packet function to send cryptocurrency gifts. You have to select the token, value, and number of recipients. The recipient will receive a random amount until all funds are claimed.
- People who want to handle subscriptions: Binance Pay supports recurring payments. This is very helpful for individuals who wish to manage subscriptions or pay regularly. You can easily approve repeated payments to merchants.
What Is Binance Pay Merchant?
A Binance Pay merchant is a business or individual who accepts crypto payments from customers using Binance Pay. It is easy to do. You simply need to register, get verified, and use tools such as QR codes or payment links to receive payments.
Simply, customers have to scan or click to pay with cryptocurrencies like Bitcoin or USDT instantly. You can use stablecoins such as USDT to prevent crypto price fluctuations. It also supports all types of businesses, such as stores, cafes, or online platforms. You can manage everything via the Merchant Management Platform, including monitoring payments, handling refunds, and withdrawing funds.
What Are the Benefits of a Binance Merchant Account?
The benefits of a Binance Merchant Account are low transaction fees, access to a huge customer base, fast and secure payments, and easy setup and management.
- Low or No Transaction Fees: You can create a free Binance Merchant Account, and you will also often pay little to no fees for crypto transactions. This is better compared to traditional payment methods like credit cards, which nowadays charge very high fees. It also helps small businesses save money, and you can keep more of your profits. Plus, payments settle instantly, which is great for cash flow as a business.
- Access to a Huge Customer Base: Binance has over 250 million users worldwide on its centralized crypto exchange, and there are 40 million active Binance Pay users. As a merchant, you can tap into this massive audience and take your chance to attract crypto fans who prefer paying with Bitcoin or USDT. This can boost your sales, and you can reach customers globally without dealing with currency exchange hassles.
- Fast and Secure Payments: Crypto payments through Binance Pay are quick and safe. Transactions happen instantly, so you don’t have to wait days for your funds. The best part, the blockchain technology keeps things secure and reduces fraud risks.
- Easy Setup and Management: Setting up a Binance Merchant Account is super simple. You just need to sign up, get verified, and start accepting payments fast. The Merchant Management Platform also lets you track payments, issue refunds, and withdraw funds easily. You can even integrate it with your website or app without much technical knowledge. Hence, it’s user-friendly even for small businesses.
Try Binance Pay now and enjoy fast, fee-free crypto transfers worldwide – perfect for paying friends, shopping online, or accepting payments with just a tap.
How Binance Pay Works?
Binance Pay works as a contactless and safe method for paying and receiving crypto. It enables you to make payments or transfer currencies without sharing personal information. It is developed within the Binance app itself, therefore, you don’t have to install anything additional apps or extensions.
Here’s how it works. Firstly, you sign up for a Binance account. Next, you need to create your Binance Pay account. From there, you can send and receive crypto. To send, you simply need to use someone’s Binance Pay ID, phone number, email address, or QR code. The recipient will receive it instantly in their Binance Pay account.
Here, the platform is using internal transfers. So, when you transfer using Binance Pay, the transfer does not occur on the blockchain. It occurs within the Binance system. It is therefore instant and charges zero fees. Also, you don’t need to hold crypto in a different Pay wallet. The system will use the amount from your Binance exchange funding wallet.
What Are the Fees of Binance Pay?
Binance Pay is free of charge for individual transfers. It does not cost you any additional fee when you send cryptocurrency directly to an individual with the help of Binance Pay. There is no transaction fee for internal transfers on the platform. Receiving is free of charge as well. If someone pays you using crypto with the use of Binance Pay, you receive your full amount.
Now, there may be fees if you use other Binance Pay services. For instance, if you make a purchase from a vendor and the transaction entails currency conversion, Binance will implement its standard conversion spread. This is not an explicit fee, but the exchange rate you receive may differ slightly from the market rate. This is also called a spread fee.
For merchants, Binance introduced a rule where mini-program merchants need to hit a minimum transaction volume, or they’ll pay a quarterly fee. Also, Binance Payouts have a fee of 0.80% per transaction, capped at $5 or equivalent. All fees are shown upfront before you confirm a payment, so there are no surprises. Refunds, if they happen, go back to your Binance Pay Wallet in USDT.
Is Binance Pay Safe?
Yes, Binance Pay is safe as it is built on Binance Exchange’s secure system. It applies Binance’s robust security measures to safeguard your account and funds. First of all, the platform employs two-factor authentication (2FA). To access Binance Pay, you must enable it. This adds an extra layer of protection, requiring a code from your phone in combination with your password.
It also includes device management. This allows you to view the devices logged into your account. If you find an unknown device logged into your account, you can remove it to protect your account. The platform also uses anti-phishing codes. If you receive an email from Binance, the code is displayed in the email, ensuring you won’t receive a fraudulent email.
Binance Pay operates within the Binance environment. Therefore, it employs the same security tools as the rest of the Binance exchange. These tools include cold storage of user balances, risk monitoring, and smart internal controls.
Additionally, Binance Pay payments are internal transfers. They do not go onto public blockchains, which reduces the risk of external attacks. You also do not reveal your wallet address when making a payment. Binance monitors for suspicious activity using risk systems and artificial intelligence. If something seems wrong, your account is frozen to prevent fraud. Your personal information and payment details are also encrypted. You do not share either your payment history or your personal information with the other individual.
Send and receive crypto anytime, anywhere using Binance Pay – easy to use, no hidden fees, and fully integrated with your Binance wallet for fast payments.
How to Use Binance Pay?
To use Binance Pay, you need a verified Binance account. First, open your Binance app and log in. Tap on the “Pay” icon on the home screen. Now you can send or receive crypto with just a few taps. You can also scan another person’s Binance Pay QR code or share your own.
How to Register a New Account on Binance to Use Binance Pay?
To register a new Binance account, follow these three steps: sign up with your email or phone number, verify your identity (KYC), and activate Binance Pay.
Step 1: Sign Up with Your Email or Phone Number
Go to binance.com or download the Binance app from the App Store or Google Play Store. On the site, click the yellow “Sign Up” button at the top right. In the app, tap the icon at the bottom right and choose “Sign Up.” Enter your email or telephone number and use a secure password (blending letters, numbers, and characters for security). Here, you can also use our Binance referral code to get a $100 welcome bonus. Now, a confirmation code will be sent to your email or phone – check your messages or inbox and enter the code to confirm. This takes only a moment or two and sets up your account.
Join millions of users already using Binance Pay and make instant crypto payments with ease, skip the fees, and enjoy a smooth and secure transaction every time.
To secure your account, turn on 2FA immediately after you create an account. On the website, you must click your account icon and then “Settings.” You can use Google Authenticator, SMS, or email for 2FA. With Google Authenticator, you need to download the app, scan the QR code that Binance gives you, and save the backup key somewhere secure. With SMS or email, you receive codes on your phone or inbox for logins and transactions. It’s a five-minute step, but one that’s well worth it for peace of mind.
Step 2: Complete Identity Verification (KYC)
Binance requires identity verification for compliance purposes and to enable features like Binance Pay. On the website, click your profile icon and go to “Verification.” You will be required to upload an official government-issued document, such as a passport, driver’s license, or national identity card, and an address verification, for example, a bill or bank statement.
Sometimes, Binance will request a selfie or a rapid face scan using the camera on your device. This is an easy procedure, and Binance will likely have it processed within a few minutes, but it may take a couple of days when it’s during peak hours. This step secures your account and prepares it for most features on Binance Pay.
Step 3: Activate Binance Pay
After your account has been verified, enable Binance Pay. Go to “More” in the primary menu and choose “Pay”. Pick a special nickname for anonymity (like “CryptoNinja” instead of your actual name) and enter a six-digit Pay PIN for secure payments.
Accept the terms and conditions and click “Activate.” This connects your account to Binance Pay, and you can start sending and receiving crypto immediately. The entire process takes only a minute or two, and you’re live.
How to Send and Receive Crypto With Binance Pay?
To send and receive crypto with Binance Pay, follow these steps: funding your wallet, sending crypto via QR code or contact details, and receiving crypto by sharing your QR code or Binance ID.
Step 1: Fund your Binance Wallet
Before sending cryptocurrency, confirm your Binance Funding Wallet has a balance. Click the “Wallets” icon at the top, then “Overview.” Alternatively, you can buy some if you don’t have cryptocurrency, using a bank transfer, credit card, or P2P trade.
To purchase, click “Buy Crypto” on the landing page, select your fiat currency (e.g., USD or EUR), and pick a cryptocurrency like Bitcoin or USDT. Follow directions to finalize the purchase, which will take a few minutes. You can also move your cryptocurrency from another wallet or exchange to your Binance Funding Wallet by copying your wallet address (found under “Wallets” > “Overview” > “Deposit”). With funding, your cryptocurrency is now prepared for use through Binance Pay.
Step 2: Send Crypto through QR Code or Contact Information
Launch the Binance app and click the “Pay” icon on the home screen. Click “Send,” then pick how you send, either scan the recipient’s Binance QR code or enter the recipient’s details by email, mobile number, or Binance Pay ID. To scan using the QR code scanner, tap the scan icon on the home screen or long-press the icon on the home screen.
To enter contact details, enter or paste the recipient’s details and click “Continue.” Pick the cryptocurrency, enter the amount, and add an optional message (e.g., “Lunch money”). Double-check, click “Confirm,” and enter your Pay PIN or complete 2-step verification. The transfer is instantaneous, but double-check it; ultimately, sending to the wrong details is irreversible.
Step 3: Receive Crypto by Sharing QR Code or Binance ID
To get crypto, navigate to the “Pay” tab within the app and click “Receive.” A QR code will appear; share it by saving the image or sending it through WhatsApp, email, or other apps. For a desired amount of crypto, click “Set Currency/Amount,” select the coin (e.g., BNB or ETH), enter the desired amount, and add a comment if you prefer. Click “Confirm” to create a one-off QR code.
Alternatively, you can share your Binance account email, phone number, or your Binance ID (in “User Center”). After the payer makes the payment, the crypto ends up directly in your Funding Wallet, and you’ll be notified by email or SMS.
Can You Pay Someone on Binance?
Yes, you can pay someone on Binance using Binance Pay. You just need their Pay ID, email, phone number, or you can scan their Binance Pay QR code. Open the Binance app, tap on “Pay,” choose “Send,” and enter their details. Select the crypto you want to send, enter the amount, and tap “Confirm.” The payment will be sent instantly with no fees. Both you and the person must have Binance accounts to use this feature. You can also read our in-depth Binance review to get full information about the exchange.
What Is Binance Pay ID?
Binance Pay ID is a special numerical code that Binance automatically assigns to your account when you enable Binance Pay. It is an individual code that allows other Binance members to send you cryptocurrency directly into the Binance Pay system. You cannot change or personalize your Pay ID like a username or email address. Your Pay ID is generated by Binance and is tied to your account specifically.
Use Binance Pay to handle all your crypto transfers in one place with no fees, fast delivery, and a smooth experience every time you send or receive funds.
Where to Find Binance Pay ID?
To find your Binance Pay ID, log in to your Binance account via the mobile app or website. Now, you need to navigate to the “Pay” section, where your Pay ID will be displayed along with a corresponding QR code. You can share this Pay ID with others who wish to send you crypto, as this provides a straightforward and secure method for transactions within the Binance ecosystem.
Is Binance Pay Legal in India?
Yes, Binance Pay is legal for use in India as of 2025. Binance has formally registered with the Financial Intelligence Unit of India (FIU-IND), enabling it to operate lawfully by being compliant with local laws, particularly anti-money laundering (AML) regulations. This registration enables Indian users to access Binance services, such as Binance Pay, as long as they undergo the required Know Your Customer (KYC) verification procedure.
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