How to Send Crypto to Users with Binance Pay?

2021-03-01 01:26

Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here.

Tutorial Video

Binance Pay makes sending crypto easy, secure, and convenient. Whether you are transferring funds to friends, family, or business partners, Binance Pay offers two seamless options: sending via QR code or using the recipient’s Binance account email, phone number, or Binance ID.

1. How to send crypto to a user via Binance email/phone number or Binance ID?

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Via Binance App

1. Log in to Binance App.

2. Select [Pay] - [Send].

3. Paste or manually enter the other party’s Binance account’s email, phone number, or Binance ID. Tap [Continue].

4. Enter the amount you want to send to the other party and notes (if any). Tap [Continue].

5. Check the details before tapping [Confirm]. You can tap [Wallet] to choose the funds to utilize for this transaction. You can select from:

  • Funding Account
  • Spot Account
  • Spot and Funding Account
  • Earn Flexible Account

6. Enter your Pay PIN or complete 2FA to verify the payment. Please note that your Pay PIN will be locked upon five incorrect attempts. If your Pay PIN is locked, you can try again after five hours.

7. The transfer amount will be deducted from your account balance.

8. Transfers via email/phone number/Binance ID are immediately credited. They cannot be recovered if you entered the wrong details. Therefore, please check that the details are correct before proceeding with the transfer.

Via Binance Desktop

1. Log in to your Binance account and go to [More] - [Pay] - [Send].

2. Select a transfer method (via your payee’s registered Binance email/phone number or Binance ID), enter the information and click [Continue].

3. Then, select your preferred crypto, enter the amount you wish to send and click [Continue].

4. Please check the information on the screen carefully before clicking [Confirm] and complete the 2FA verification. Your transfer will be completed immediately and cannot be recovered if you entered the incorrect details.

2. How to send crypto to a user via QR code?

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Via Binance App

1. Scan the other party’s Binance Pay QR code with your Binance App. There are two ways to access the QR code scanner in your Binance App:

a. Tap the QR code scanner on the homepage

b. Long pressing the Binance App icon on your mobile home screen. Tap [Scan].

2. Transfer details will be reflected after scanning the QR code. Please note that your transfer details will vary depending on the transfer instructions set by the other party upon QR code creation.

3. Tap on the [>] to change the wallet. Review the transfer details and tap [Confirm].

4. Enter your Pay PIN or complete 2FA to verify the payment. Please note that your Pay PIN will be locked upon 5 incorrect attempts. In case your Pay PIN is locked, you can try again after five hours.

5. The payment amount will be deducted from your account balance.

Frequently Asked Questions

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1. Who can use the phone/email/Binance ID to send/receive crypto?

Binance users who have completed identity verification can receive or send crypto to other Binance users via phone number/email/Binance ID.

2. Where can the recipient find the crypto I sent?

The crypto will be credited to the recipient’s Funding Account.

3. How can I check my monthly send limit?

Via Binance App:

1. Select [Pay] - [Settings] - [My Pay Limits].

Via Binance Web:

1. Select [More] on the main navigation bar (top).

2. Click [Pay] to go to the Binance Pay dashboard.

3. You can check your monthly send amount by clicking [Pay Limit].

4. Where can I find my transaction history?

Select [History] icon on top of the send page and view the transaction history.

5. Can I spend the assets in my Simple Earn Flexible subscription?

You can send the assets in your Simple Earn Flexible subscription to other Binance users via Binance Pay. Please note that your Simple Earn Fixed subscription assets cannot be transferred to other users via Binance Pay.

6. Will I still receive APR rewards after spending my assets in the Simple Earn Account?

You can continue to receive APR rewards for the assets in your Simple Earn Flexible Account. However, once you choose to use your assets in the Simple Earn Flexible Account, the corresponding amount will be automatically redeemed. The assets you spend via Binance Pay do not qualify for any APR reward.

7. What happens if my transfer fails? Where can I find my assets?

The payment process consists of two steps: redemption and payment. If an issue occurs during the redemption process, your assets won’t be redeemed and will remain in your Simple Earn Flexible Account. If the payment fails, the redeemed assets will be credited to your Spot Account.

To learn more about other Binance Pay products, visit Binance Pay FAQs.

USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and EEA-Customer-Support@circle.com.

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. Please fund your wallet and perform your transactions cautiously. Not financial advice. For more information, see our Terms of Use and Risk Warning.