This is Binance Pay

Binance Pay is the crypto exchange Binance’s own payment technology for cryptocurrency . According to Binance itself, this is a contactless technology that is both limitless and secure.

Binance wanted to give its users the opportunity to get / transfer cryptocurrencies from / to family and friends all over the world. In many ways, Binance Pay can be compared to DNB’s Vipps.

In this article, we will take a closer look at Binance’s own payment technology. It’s a relatively new concept, so what exactly is Binance Pay? Let’s get to know Binance Pay better together!

Binance Pay – facts

Binance Pay is a relatively new service under Binance , and that means that even though you may have been a customer of Binance for many years, it is not certain that you know exactly how to use Binance Pay yet.

However, if that is the case for you, then you are not alone in this. Below you will find an overview of some facts about Binance Pay, which can be good to have clear before you get to know how the service works:

• Binance is one of the most popular crypto exchanges in this country, and Binance Pay is this crypto exchange’s own payment technology for cryptocurrency.
• Binance Pay is a payment technology that quickly and easily allows you to send cryptocurrencies to friends and family, or that you can receive cryptocurrencies from them, just with a single keystroke.
• In addition to the ability to send cryptocurrencies to whoever you want and whenever you want, Binance Pay also gives you the ability to choose how you want to pay by being able to set your own payment preferences and choose freely from around 40 different cryptocurrencies.
• You can also use Binance Pay for other transactions by using the Binance Marketplace, which you will find in the app. Paying with cryptocurrency suddenly became so much easier!

Who can use Binance Pay?

The Q&A section of Binance is still a bit deficient when it comes to Binance Pay, but one of the questions that is answered here is the following questions: Is Binance Pay available to everyone?

So who really can use Binance Pay? Is this a service that can be used by anyone and everyone, or are there any restrictions in this regard? Who can actually use Binance Pay?

Binance Pay is currently only available to eligible users on Binance.com. However, what is in the description “qualified” is somewhat uncertain.

With that said, they further say that you just have to sign up for Binance.com and then complete your identity verification to use Binance Pay, so that’s probably what it means to be “qualified”.

Cryptocurrencies Binance Pay supports

As mentioned, Binance Pay is a relatively new service, but despite that, it supports more than 30 cryptocurrencies. It’s quite impressive! Here is a little of the cryptocurrencies that Binance Pay supports at the time of writing:

• BTC
• BNB
• BUSD
• ETH
• ADA
• ATOM
• BCH
• DASH
• EDGE
• DOT
• EOS
• ETC.
• FILE
• HBAR
• LINK
• LTC
• MATIC
• NEO
• PAX
• QTUM
• TRX
• TUSD
• UNI
• USDC
• VET
• WRX
• XMR
• XRP
• XTZ
• ZEC
• USDT
• FRONT
• IMMEDIATELY
• ONE
• EGLD
• SXP

However, this is something that can change all the time. If you want a continuously updated list, you have to get the Binance Pay app and follow it there. The list on the app is updated periodically.

Binance Pay versus Vipps

Initially, we mentioned that Binance Pay could be compared to Vipps – which is a payment service that many Norwegians have heard of and use diligently.

While Binance Pay can be used to transfer cryptocurrency from one person to another, Vipps is used to do exactly the same thing, but with regular currency such as Norwegian kroner.

When using Vipps, it also does not matter where in the world the recipient is. The only condition is that the person in question has a Norwegian telephone number, since this is the starting point for the transaction, and Vipps makes sure to transfer the money within a few seconds.

How to set up your Binance Pay account

Setting up a Binance Pay account is not as difficult as it may sound at first. But the only thing you need to do is actually follow these instructions:

1. Create an account, complete the registration process and log in to your account.
2. Find the “send” option and press it. Then terms of use will come up, and you should read this document.
3. After reading the terms of use document, press “Send now” and the Binance Pay account is ready to use!