Crypto payments are gaining traction as blockchain technology becomes more mainstream. Binance Pay, a recent innovation by the world’s leading cryptocurrency exchange, aims to simplify peer-to-peer crypto transactions. This guide explores how Binance Pay works, its setup process, benefits, and supported merchants—all while eliminating transaction fees.
Introduction
Bitcoin was originally designed as a peer-to-peer electronic cash system, but high transaction fees and scalability issues have limited its adoption for everyday payments. Ethereum and other major cryptocurrencies face similar challenges.
Binance Pay addresses these pain points by offering a fee-free, borderless payment solution within its ecosystem. Launched in 2021, this feature allows users to send, receive, and spend cryptocurrencies seamlessly—whether for personal transfers or merchant purchases.
👉 Discover how Binance Pay compares to traditional payment methods
What is Binance Pay?
Binance Pay is a contactless crypto payment service exclusive to Binance users. It supports over 50 cryptocurrencies and enables instant transfers between individuals and businesses without network fees. Key features include:
- Zero transaction costs: Funds move within Binance’s internal ledger.
- Merchant integrations: Pay at partnered stores like Travala and Shopping.io.
- Non-custodial option: Recipients can claim payments after registering.
Think of it as PayPal for crypto, but with broader asset support and no intermediaries.
How to Set Up Binance Pay
Step 1: Access Your Funding Wallet
- Web/Desktop: Click Wallet → Funding.
- Mobile App: Tap Profile → Pay.
Step 2: Activate Binance Pay
Navigate to the Pay or Receive tab and select Open Binance Pay.
Step 3: Create a Username and PIN
- Choose a unique username (irreversible).
- Set a 6-digit security PIN.
Pro Tip: Enable two-factor authentication (2FA) for added security.
How to Use Binance Pay
Receiving Payments
- Go to Funding Wallet → Receive.
- Share your QR code, Pay ID, or linked email/phone number.
- Specify the cryptocurrency and amount (optional).
Sending Payments
- Select Pay from your Funding Wallet.
- Enter the recipient’s Pay ID, email, or scan their QR code.
- Choose the cryptocurrency and amount.
- Confirm the transaction with your PIN.
👉 Explore Binance Pay’s supported merchants
Benefits of Binance Pay
| Feature | Advantage |
|---|---|
| Cost Efficiency | No network or processing fees. |
| Speed | Instant settlements. |
| Asset Diversity | 50+ cryptocurrencies supported. |
| Ecosystem Integration | Works with Binance Card, staking, and trading. |