Binance Pay is an integrated payment feature within the Binance platform. It allows Binance users who have completed KYC (Know Your Customer) verification to send and receive payments seamlessly. Conceptually, it works similarly to an "intra-bank transfer" in traditional banking.
Instead of dealing with long and complex wallet addresses for on-chain transactions, Binance Pay only requires the recipient's phone number, email, or Binance ID to initiate a transfer. For receiving funds, you can simply share your Binance Pay QR code. Best of all, the service is entirely free for most users.
Getting Started with Binance Pay
To use Binance Pay, you must first have a verified Binance account. KYC verification is mandatory to access this feature. This process helps ensure security and regulatory compliance across the platform.
👉 Create and verify your account to get started
Is Binance Pay Free? Understanding the Fee Structure
Binance Pay offers a generous free tier for casual and regular users:
| Monthly Payment Volume | Fee |
|---|---|
| Below 75,000 USDT | Free |
| Above 75,000 USDT | 1 USDT per transaction |
For most users, the monthly transfer volume remains well below 75,000 USDT (approximately 240 million TWD), making Binance Pay a cost-effective solution for peer-to-peer crypto transfers.
How to Use Binance Pay: Step-by-Step Instructions
Binance Pay is designed for simplicity and offers multiple functionalities, from sending funds to receiving payments and even fun features like red envelopes.
How to Send Money with Binance Pay
Sending crypto to another Binance user is straightforward. Both the sender and receiver must be Binance users.
- Navigate to the Binance Pay section from your dashboard.
- Select "Send" or "Transfer."
- Enter the recipient's email, phone number, or Binance ID.
- Choose the cryptocurrency and amount you wish to send.
- Confirm the transaction details and authorize the transfer.
How to Receive Money with Binance Pay
You can receive payments by sharing your Binance Pay QR code or your Binance ID, email, or phone number.
- Open your Binance Pay interface.
- Click on "Receive" or "Show QR Code."
- Share the QR code with the sender, or provide them with your accepted identifiers.
Supported merchants may also display their QR codes for easy payments via Binance Pay.
How to Send Red Envelopes (Hongbao)
Similar to traditional red envelope features in apps like LINE, Binance allows you to send celebratory or gift payments.
- Go to the "Red Packet" feature within Binance Pay.
- Set the total amount and number of packets.
- Share the link or code with friends or a group.
- Recipients can claim their share instantly.
Understanding Binance Pay Remittances
Binance Pay originally offered a remittance feature that allowed users to withdraw crypto and receive fiat currencies like New Taiwan Dollars (TWD). However, due to regulatory changes in Taiwan, this service has been discontinued as of December 2024.
Users looking to withdraw funds are advised to use standard exchange withdrawal methods or P2P channels.
The 1 USD Game on Binance Pay
Binance occasionally promotes a mini-game where users can participate in lotteries for as little as 1 USD. If you don’t win, your funds are returned.
To play:
- Find the "1 USD Game" in the Binance Pay menu.
- Click "Play Now" and authorize the transaction.
- Wait for the results—it’s a risk-free way to potentially win rewards.
Keep an eye out for promotional events offering free participation.
Frequently Asked Questions
Q: Which cryptocurrencies are supported by Binance Pay?
A: Binance Pay supports major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), USDT, FDUSD, and many others.
Q: What are the transaction limits for Binance Pay?
A: Limits depend on your Binance VIP level. Below is a summary:
| VIP Level | Daily Payment Limit (USDT) |
|---|---|
| VIP 0–3 | 8,000,000 |
| VIP 4 | 16,000,000 |
| VIP 5 | 24,000,000 |
| VIP 6 | 40,000,000 |
| VIP 7 | 64,000,000 |
| VIP 8 | 80,000,000 |
| VIP 9 | 96,000,000 |
All users must complete KYC to use Binance Pay.
Q: Can I use fiat currencies with Binance Pay?
A: No, Binance Pay only supports cryptocurrencies. However, you can use Binance's P2P or C2C services to convert crypto to fiat.
Q: Can I cancel a Binance Pay transaction?
A: No, once a transaction is executed, it cannot be reversed. Always double-check recipient details before confirming.
Q: Is Binance Pay available worldwide?
A: Availability may vary by region due to local regulations. Check Binance’s official announcements for country-specific details.
Q: How secure is Binance Pay?
A: Binance Pay uses the same security protocols as the Binance exchange, including two-factor authentication (2FA) and anti-phishing measures.
Conclusion
Binance Pay is a convenient, fast, and low-cost solution for transferring cryptocurrencies between Binance users. Whether you're splitting bills, sending gifts, or paying for services, it simplifies the process without the need for public wallet addresses.
For those interested in learning more about crypto trading or Binance features, consider exploring educational resources or community discussions.
👉 Discover more crypto payment tools and strategies
Remember, while Binance Pay is user-friendly and efficient, always ensure you understand the regulatory requirements in your jurisdiction before using crypto payment services.