Binance P2P is proud to introduce instant payments for its users in Azerbaijan. This advanced feature, enhances transactions with AZN on the Binance P2P platform, making them smoother, faster, and more secure for both buyers and sellers.
What Are Instant Payment Methods?
Instant payment methods, facilitate the immediate release of assets once the exact payment amount has been transferred from the buyer to the seller.
Conventional peer-to-peer (P2P) payment methods generally necessitate buyers to initiate payment, manually mark the order as paid, and wait for sellers to release the acquired assets. To protect both parties, certain precautions must be taken during a P2P transaction. Usually, buyers need to provide proof of payment, which sellers must manually verify before releasing the assets, making the process time-consuming and inconvenient.
With the automation of payment verification and asset release processes, buyers can instantly receive their newly bought assets, while sellers are no longer required to check each order payment or release assets manually. In other words, the instant payment methods allow the platform to automatically handle the release of crypto held in escrow, eliminating the need for manual intervention.
Advantages of Automated Payments
Efficiency
The implementation of an automated payment feature removes the necessity for buyers to submit proof of payment and sellers to wait for payment verification. Sellers’ orders are automatically fulfilled once the system confirms the payment. By eradicating manual intervention for both buyers and sellers, the effort involved for each party is reduced.
Lightning-fast Transactions
Immediate asset release prevents pointless order delays for both parties. The system operates 24/7 and will automatically release each order, once buyer made the correct payment. .
Security
Only accurate payment amounts will prompt the automatic asset release, minimizing scams and guaranteeing payment precision.
The Instant Payment Methods also mitigates the following issues:
Duplicate payments (or double-spending): When a legitimate payment is conducted, the order will be automatically completed, preventing the buyer from making another payment for the same order.
Third-party payments: If the payment is made from a third-party account, the order won’t be auto-released. Even if the buyer uses their own account, the order won’t be released if their Binance account identity doesn’t match with their bank account. The Binance and bank account identities must match for the order to be auto-released.
How to Buy Crypto Using Instant Payment Methods?
This is how you can buy assets using Instant Payment Methods on the Binance P2P app:
1. Log into your Binance account and go to [P2P trading].
2. Tap [Profile] - [Payment Method].
3. Tap [Add a new payment method] and select [All Payment Methods].
4. Choose “M10 – Instant” or “Kapital Bank – Instant”. Enter your payment details and tap [Confirm].
5. Select AZN fiat currency and “M10 – Instant” or “Kapital Bank – Instant”.
6. Select an ad and start trading!
Tips for Using Instant Payment Methods
Double-check Your Verified Name on Binance
The Binance P2P platform has best-in-class security protocols and customer service support to help keep users and their funds safe. Our security measures require the name on each user’s payment account to match the verified name on their Binance profile. Before placing any P2P order, it’s best to double-check that your payment account name is the same as your Binance-verified name. This step can mitigate potential issues with your transaction.
For more information, read our in-depth article, How To Check Your Verified Name On Binance P2P.
Funds Are Released Automatically
With instant payment methods, you have to manually mark your orders as paid, meaning there’s a need to click or tap the [Transferred, notify seller] button. Once you’ve successfully completed the payment and marked your orders as paid, the system will instantly release the crypto you purchased to your Funding wallet.
Avoid Making Double Payments in the Same Order
To prevent making a double payment, always double-check that you’re transferring the correct amount before confirming your order. In case of payment failure, please try again after confirming the previous payment status.
Don’t File a Bank Chargeback
If the payment is successful on your end but the order was not automatically released, don’t file a bank chargeback. Contact the seller via the chat on the order page or reach out to our support team for help. We will prioritize this issue and resolve it for you as soon as possible.
By leveraging the new instant payment methods on Binance P2P, you can enjoy faster, safer, and more convenient transactions.
Start trading today and experience the benefits of instant payment methods in AZN on Binance P2P!
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Disclaimer: Your use of Binance P2P services and all information and other content (including that of third parties) included in or accessible from Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. The Binance P2P platform has neither the right nor obligation to resolve any disputes arising from a completed payment. Neither the Binance P2P platform nor its merchants shall be responsible for any loss after a completed payment.
