Main Takeaways
As a Binance Pay merchant accepting crypto payments, enjoy unique benefits such as lower transaction fees, flexible and seamless settlement.
Other advantages include access to a growing market of digital payment users and a vast global customer base, including the 190 million users on Binance.
To become a Binance Pay merchant, begin your journey through the world of crypto payments by connecting with one of our channel partners.
In the rapidly evolving world of digital finance, embracing cryptocurrency payments can offer a competitive edge to businesses of all sizes. Binance Pay provides an innovative solution, enabling businesses to accept crypto payments seamlessly. This blog will guide you through the benefits of becoming a Binance Pay merchant and how to get started with the help of our Channel Partners.
What is Binance Pay?
Binance Pay is a secure, borderless, and contactless cryptocurrency payment technology designed by Binance. It allows users to pay and merchants to get paid in crypto anywhere in the world. With support for over 80 cryptocurrencies, Binance Pay is versatile and user-friendly.
Understanding Merchants and Channel Partners
Merchants: These are businesses that use Binance Pay’s payment solution to accept crypto payments from their customers. As a merchant, you can benefit from the vast ecosystem of Binance users and the advantages of crypto 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 a smooth and efficient onboarding process.
Benefits of Binance Pay for merchants
In this section, we’ll delve into how adopting Binance Pay and embracing crypto payments can boost your market presence, streamline operations, and enhance the customer experience. From tapping into a vast and growing customer base to enjoying lower transaction fees and faster settlements, discover the compelling reasons why you should choose Binance Pay in order to thrive in the digital economy.
Growing Demand
The adoption and popularity of crypto payments are surging. In February 2024, the total cryptocurrency market cap reached $2 trillion (Bloomberg Law), and NASDAQ reports anticipate a 14% compounded annual growth rate for crypto payments. Additionally, an Oliver Wyman study shows that nearly 48% of Gen Z and millennials have used crypto, highlighting their potential as a significant consumer segment.
Aligning with these trends, Binance Pay’s transaction volumes have increased by over 71% year-on-year, topping $77 billion in 2023. By integrating Binance Pay, your business can connect with this growing market. Thousands of merchants worldwide accept Binance Pay today across industries spanning e-Commerce, travel, gaming, gift cards, tradefi, supermarkets, gas stations, property, automobiles and more. Read more about our growth here and developments here. To explore some of our merchants, visit here.
Vast Customer 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 Pay ecosystem now encompasses over 30 million users. With the overall global Binance platform boasting over 190 million users, the potential for Pay to expand is immense. This vast and growing audience offers an exceptional opportunity to broaden your market reach and position your business at the forefront of the digital payments revolution.
Low Transaction Fees
Traditional payment methods often impose substantial fees on businesses, especially for cross-border 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 operational expenses.
Enhanced Customer Experience
Choosing Binance Pay enhances the customer experience significantly. It supports over 80 cryptocurrencies, including BTC, ETH, BNB, USDT and more, offering flexibility for customers to pay with their preferred digital assets. Binance Pay also facilitates off-chain instant settlements, reducing the delay typically associated with blockchain transfers, and streamlines the checkout process. Additionally, it incurs no gas fees, eliminating extra costs for users.
Onboarding as a merchant through Channel Partners
Partnering with our channel partners allows you to fully leverage Binance Pay’s features, enjoy additional benefits, and foster opportunities for business growth:
Fiat or Crypto Settlements (for Crypto Payments): As a merchant — partnering with channel partners — you can choose to receive settlements in fiat or crypto, offering flexibility to suit your business needs.
Online and Physical Point-Of-Sale (POS) Payments: Binance Pay supports flexible payment options including online web, app-based or in-store checkout flows. Some of our channel partners, such as Lunu and GoCrypto, provide integrated payment solutions, including physical point-of-sale terminals for retailers.
Seamless Onboarding: Get your business quickly up and running with our channel partners’ seamless onboarding process, and allow easy access to the unique advantages offered by Binance Pay.
How to Onboard with 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 allowed to operate. Please verify the availability of Binance Pay in your specific location.
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 global and country-specific partners.
2. Contact the Channel Partner: Reach out to your chosen partner to begin the onboarding process.
3. Integration: Work with the partner to integrate Binance Pay into your payment systems.
Global Channel Partners
Pundi X
Triple-A
Monetix
LetKnow Pay
Advanced Payment Solutions Group
Inswitch
GoCrypto
Region Channel Partners:
* Please note that the above list is not an endorsement of any particular Channel Partner. The merchants may be subject to separate agreements and T&Cs of Channel Partners that Binance is not privy to. Merchants are solely responsible for their decisions to onboard any particular Channel Partner and Binance is not liable for any losses you may incur.
For more information about our Channel Partners, the regions they operate in, please click here for their contact details to get in touch with your preferred channel partner.
If you would like to connect with the Binance Pay team for more information, please leave your details here. Terms and conditions apply.
Final Thoughts
The future is digital, with cryptocurrencies leading the way. Embracing Binance Pay as a merchant places your business at the forefront of this revolution. By offering seamless, fast, and secure crypto payments, you can attract a global customer base and drive significant growth.
Join us today to provide flexible and 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 together!
Further Reading
The Future of Finance in Your Wallet
Businesses Share Their Binance Pay Experience
Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Not financial advice. For more information, see our Terms of Use, Binance Pay Terms of Use and Risk Warning.
