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As a Binance Pay merchant accepting cryptocurrency payments, enjoy exclusive benefits like lower transaction fees, flexible and hassle-free settlement.
Other advantages include access to a growing market of digital payment customers and a broad global user base, including the 190 million users on Binance.
To become a Binance Pay merchant, start your journey into the world of crypto payments by connecting with one of our channel partners.
This is a general announcement. The products and services mentioned here may not be available in your region.
In the rapidly evolving world of digital finance, understanding cryptocurrency payments can provide a competitive advantage for businesses of all sizes. Binance Pay provides an innovative solution, allowing businesses to accept cryptocurrency payments hassle-free. This blog will guide you through the benefits of becoming a Binance Pay merchant and show you how to get started with the help of our channel partners.
What is Binance Pay?
Binance Pay is a secure, contactless cryptocurrency payment technology developed by Binance. It allows users to pay and merchants to get paid with cryptocurrencies anywhere in the world. With support for over 80 cryptocurrencies, Binance Pay is versatile and easy to use.
About merchants and channel partners
Merchants: These are companies that use the Binance Pay payment solution to accept cryptocurrency payments from their users. As a trader, you can benefit from Binance's large user ecosystem and the advantages of cryptocurrency payments.
Channel Partners: These are payment providers, such as payment acquirers or gateways that help merchants integrate Binance Pay into their operations. They provide the necessary payment tools and support to ensure an efficient onboarding process.
Binance Pay Benefits for Merchants
In this section, we will delve into how adopting Binance Pay and cryptocurrency payments can increase your market presence, simplify operations, and enhance the user experience. From tapping into a broad and growing user base to taking advantage of lower transaction fees and faster settlements, discover the reasons why you should choose Binance Pay to thrive in the digital economy.
Growing demand
The adoption and popularity of cryptocurrency payments is increasing. As of February 2024, the total cryptocurrency market capitalization has reached $2 trillion (Bloomberg Law) and NASDAQ reports anticipate a 14% compound annual growth rate for cryptocurrency payments. Additionally, a study by Oliver Wyman shows that nearly 48% of Gen Z and millennials have used cryptocurrencies, highlighting their potential as a sizable consumer segment.
In line with this trend, Binance Pay transaction volume has increased by more than 71% compared to last year, reaching US$77 billion in 2023. By integrating Binance Pay, your business can connect with this growing market. Today, thousands of merchants around the world accept Binance Pay across industries, including e-commerce, travel, gaming, gift cards, tradefi, supermarkets, gas stations, real estate, automobiles and more. Read more about our growth here and developments here. To meet some of our merchants, visit here.
Wide user base
Binance Pay's user base has seen remarkable growth, with active users increasing by nearly 70% to reach 12 million by the end of 2023. Our broader payments ecosystem now encompasses over 30 million users. With Binance's global platform boasting over 190 million users, Binance Pay's expansion potential is immense. This large and constantly growing audience offers an exceptional opportunity to expand your market reach and position your company at the forefront of the digital payments revolution.
Low transaction fees
Traditional payment methods often impose substantial fees on businesses, especially for international transactions. Binance Pay can significantly reduce these costs, directly improving your bottom line. This is especially beneficial for small businesses and startups aiming to maximize profits and minimize operating expenses.
Improved user experience
Choosing Binance Pay significantly improves the user experience. It supports over 80 cryptocurrencies, including BTC, ETH, BNB, USDT, and more, providing flexibility for users to pay with their preferred digital assets. Binance Pay also facilitates instant off-chain settlements, reducing the delay typically associated with blockchain transfers and streamlining the payment process. Furthermore, it does not generate gas fees, eliminating extra costs for users.
Integration as a merchant through channel partners
Collaborating with our channel partners allows you to fully leverage Binance Pay features, additional benefits, and drive business growth opportunities:
Fiat or Crypto Settlement (for cryptocurrency payments): As a merchant — in collaboration with channel partners — you can choose to receive settlements in fiat or crypto, giving you the flexibility to meet your business needs.
Physical and online point-of-sale (POS) payments: Binance Pay supports flexible payment options, including web, app-based, and in-store online payment flows. Some of our channel partners, such as Lunu and GoCrypto, provide integrated payment solutions, including physical point-of-sale terminals for retailers.
Simplified Onboarding: Get your business up and running quickly with our channel partners' streamlined onboarding process and enable easy access to the exclusive benefits offered by Binance Pay.
How to integrate Binance Pay through a channel partner
Disclaimer: Access to Binance Pay may be restricted in some regions, regardless of the regions where Channel Partners are authorized to operate. Check Binance Pay availability in your specific region.
To become a Binance Pay merchant, follow these steps:
1. Identify a suitable channel partner: Based on your business location and needs, select a channel partner from our country-specific global partners.
2. Contact Channel Partner: Contact your chosen partner to begin the onboarding process.
3. Integration: Talk to the partner to integrate Binance Pay into your payment systems.
Global Channel Partner:
Pundi X
Triple-A
Monetix
LetKnow Pay
Advanced Payment Solutions Group
Inswitch
GoCrypto
Regional Channel Partner:
*The above list is not an endorsement of any particular Channel Partner. Merchants may be subject to separate agreements and Channel Partner Terms and Conditions of which Binance is not aware. Merchants are solely responsible for their decisions to onboard any specific Channel Partner and Binance is not responsible for any losses.
For more information about our Channel Partners, contact details and the regions in which they operate, click here.
If you would like to connect with the Binance Pay team for more information, please leave your details here. Terms and Conditions Apply.
Final considerations
The future is digital, with cryptocurrencies leading the way. Adopting Binance Pay as a merchant puts your business at the forefront of this revolution. By offering fast, secure, and hassle-free cryptocurrency payments, you can attract a global user base and drive considerable growth.
Join us today to provide flexible, convenient payment options and lead your business into the world of Web3 payments. Are you ready to start your journey? Transform your business with the power of digital finance and let's pioneer the new era of payments!
Further reading
Disclaimer: Digital asset prices can be volatile. The value of your investment may go down as well as up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not responsible for any losses. This material should not be construed as financial advice. For more information, please see our Terms of Use, Binance Pay Terms of Use and Risk Warning
