Cryptocurrency has really come to change the world of fintechs and online payment, and Binance is at the forefront of everything.
Binance Pay is changing the way online merchants receive payments online and how customers pay for products and services online.
And may it continue.
What is Binance Pay
Binance Pay is the new payment wallet available for Binance users and merchants.
It is a faster and more secure way to make and receive payments in crypto than trading or transferring cryptocurrency.
With crypto transfer, transactions could take more than 5 minutes to conclude, but with Binance Pay, it could take just a few seconds.
Binance Pay also eliminates the risk of getting scammed when making P2P transactions, as Binance can now be a party in the transactions, which makes payment verification easier.
What Kind of Payment can you receive with Binance Pay
Binance Pay can be used to make and receive payments in more than 50 cryptocurrencies.
In fact, merchants will be spoilt for choice, Binance covers every length and breadth of crypto transactions.
If you sell any product or service and want to receive payments in crypto, Binance Pay makes it even easier.
I’m betting that Binance Pay will evolve and revolutionize the global Fintech space in a big way.
What Currency does Binance Pay accept?
Binance Pay can be used to pay in local currency and in more than 50 crypto assets.
So, basically, it is useful for facilitating local currency payments on Binance and for improving access and inclusion to cryptocurrency asset classes.
This would give merchants on the platform a more stable option to attract customers and enthusiasts looking to start investing in crypto.
Does Binance Pay have an API?
For now, there seems to be no API yet for Binance Pay, so you cannot integrate it into your website.
But with the Pay ID and the scan-to-pay option, Binance Pay is positioned to do the bare minimum of helping merchants accept payments faster and more securely.
I’m quite optimistic that this is just the beginning and the Binance team would develop a robust API for Binance Pay soon enough.
Cost of Setting up & using Binance Pay
The good news is that setting up Binance Pay on the Binance platform is free of charge.
All you have to do is get the latest version of Binance and set up your Payment ID for Binance Pay.
Also, the cost of using Binance Pay is Zero, which makes for a good argument in terms of encouraging adoption.
But I think in the future, Binance might include a small fee, especially for more sophisticated payment tools such as an API.
How to Set Up Binance Pay for your Online Business
To set up Binance Pay for your online business, simply log on to the Binance app and make sure you are on the latest version.
You will be promoted to activate your Binance Pay ID if you have not done so before.
However, if you are not promoted, you can Click on the Wallets Tab and select ‘Pay’ and you’ll be redirected to setup a one-time unique Nickname/Alias, which will be tied to a Pay ID that will be issued to you.
Thereafter, you’ll be required to set up your Pay PIN, which will be used to confirm all your transactions on the platform.
After setting up your Pay PIN, a 9-digit Pay ID will be issued to you. Note that this Pay ID is different from your normal Binance account ID which is an 8-digit number assigned to your Binance account.
To start using your Binance Pay account to receive payments, you have to set up a Payment Priority Order, which is essentially a list of currencies you would like to accept, in their order of priority.
This is important for merchants who want to accept only a few crypto assets as means of payment.
So, you can prioritize the cryptos you want to accept. Let’s say you want to accept only Bitcoin, Ethereum, USDT, and Dogecoin, and you want your customers to be promoted to pay in Bitcoin first but of they don’t have that, they can then pay on Ethereum, but if they don’t have that, they can then pay in USDT, and so on.
Your Binance Pay Payment Priority Order would then be like this:
- BTC
- Eth
- USDT
- DOGE
Conclusion
If Binance Pay eventually becomes mainstream, it is going to be a massive success.
Many online merchants are looking to decentralize their payment options, especially away from the dubious traditional banks and repressive government policies.
If this actually works, fintechs would blow up everywhere around the world, and that would surely do well for the Fintech ecosystem and the economy at large.