Binance Pay Merchant: Crypto Payment Gateway For Merchants

In this scenario, users are able to request crypto from others which called “Collection” in 3rd party application. Some payment networks will charge fees for the service they offer. The payer scans the QR code with the app and confirms the payment. The last step involves creating a unique username and easy-to-remember six-digit Personal Identification Number (PIN). Treat this PIN the same way you do your ATM PIN since you will use it to authorize spending on your account.

Before proceeding further you must know about the crypto payment gateways. Crypto payment gateways are simple payment gateways like fiat currencies where merchants can accept payments from their customers. Binance Pay is a crypto payments service offered to all Binance users. It offers a borderless and contactless way to transfer and receive cryptocurrencies quickly.

If you use the QR code method, you do not need to manually provide the recipient’s details as these are included in the code. In that case, you may not be able to use the scan tool and, instead, have to use the manual method to specify the recipient’s details, amount, and cryptocurrency to send. Next to the [Save QR] code link is another link for selecting a cryptocurrency of choice to receive. You can change the asset you want to receive by clicking on it to open the currency selection box. When shopping at a business through Binance Marketplace, you’ll be able to complete the payments using Binance Pay.

Use our APIs and build your own checkout page with full control over your design. The funds you receive through Binance Pay will go to your Funding Wallet. After you’ve created a Binance account, installed the Binance app and verified your identity, you’re ready to use Binance Pay.

What Is Binance Pay? Shop, Send and Receive Crypto With Zero Fees

Binance Pay is one such crypto payment gateway that allows businesses to accept payments from customers in crypto. Once you’ve integrated the payment solution, customers can scan a unique QR code to open their wallet on their Binance App and pay you instantly anywhere they are. Users don’t pay any fees, and businesses may accept payments with a solution that quickly and safely transfers money from one wallet to another.

• Once you’ve integrated the payment solution, customers can scan a unique QR code to open their wallet on their Binance App and pay you instantly anywhere they are.
• Think of Binance Pay as a PayPal alternative for the cryptocurrency industry.
• Customers can choose the cryptocurrency token they wish to use for payment by selecting it from their wallet.
• You must always enter it to confirm that you are the one authorizing payment on the Binance Pay platform.
• In this step, you need to specify which currency you wish to send and the amount of that currency plus include an optional note to your receiver.

Activating the Binance Pay feature is a simple process that takes less than three steps if you already have a Binance account. Otherwise, you need to register for a Binance account and verify your identity before proceeding. Develop mini programs (JavaScript with REACT) in Binance DevTools and manage or deploy your mini programs in our Mini Program Portal. Mini programs allow you to set up shop directly in the Binance App, allowing you to reach millions of users worldwide and gain exposure to the most passionate crypto community in the world. Let’s go through a quick example of using Binance Pay to make payments and receive crypto.

And this need is especially important for less tech-savvy folks joining the system. Binance Pay solves this problem by providing a solid platform that works well for everyone – from the casual shopper to friends, colleagues, and families https://www.xcritical.in/crypto-payment-solution/ sending crypto coins to one another. In this scenario, users are able to make payments by scanning QR Codes provided by Binance and shown by merchants. Bitcoin (BTC) and other cryptocurrencies can be used in almost any country.

Currently, Binance Pay supports over 50 cryptocurrencies and stablecoins, including Binance USD (BUSD). In this post, we are going to discuss the recently launched Binance Pay payment gateway. This new payment mechanism gives nearby businesses another way to collect payments, potentially bringing in new clients, speeding up transaction processing, and reducing overhead costs. Over 70 different cryptocurrencies, including well-known ones like Bitcoin, BNB, ether, and USDT, are supported by Binance Pay. Users are not charged any fees, and businesses can take payments via a rapid and secure wallet-to-wallet transfer system.

Binance Pay Merchant: Crypto Payment Gateway For Merchants

To do this manually, you’ll need the recipient’s public address. Using your wallet, you then copy the address in and send the funds. While this sounds easy, the process can be tricky and intimidating for newcomers. It’s not rare for users to make irreversible mistakes, such as sending the wrong kind of crypto to a certain address or selecting the wrong blockchain network. As there is no way to return a crypto transaction, these often lead to significant losses. Binance Pay is a simple contactless, borderless and secure cryptocurrency payment technology designed by Binance.

A crypto payments service will have a customer support team to help you with any technical issues. This isn’t usually the case when you transfer funds manually with a custodial crypto wallet. The recipient creates a digital invoice to be paid using their payment gateway.

What is Binance Pay?

You can use both Binance Pay and the Binance Visa card through the same wallet on Binance, which makes it very simple to get the benefits from both services. Binance Pay also lets you generate QR codes that can be scanned for easy payments. For example, you can generate a https://www.xcritical.in/ QR code for a payment of 0.1 BNB and send it to a friend. By scanning the code, your friend can easily make the payment through Binance Pay. To use Binance Pay, you’ll need to first install the Binance mobile app, which is available on both the iOS and Android platforms.

In the last stage, you have the option to change from which wallet you want the funds to be deducted. In this step, you need to specify which currency you wish to send and the amount of that currency plus include an optional note to your receiver. Below the Currency field, you can specify the exact number of assets to request from your payer, and you have the option to include a personalized note. On the mobile application, tap the [Profile] icon at the top left side of the screen and select [Pay].

After scanning a QR Code, customers can pay via the Web checkout or the Binance app. They can choose the most appropriate token at the time to pay for each purchase from the various tokens in their wallet. Accessing Binance Pay will allow businesses and retailers to integrate the service. The customer’s visits to the online stores are enabled with crypto payments.