The cryptocurrency market is evolving and maturing with the latest inventions and advancements. Today some business owners also have started taking cryptocurrency as payment from their customers. To help merchants accept crypto payments, Binance has started its own payment gateway. Where merchants can easily accept crypto payments from their customers. Currently, Binance Pay supports over 50 cryptocurrencies and stablecoins, including Binance USD (BUSD). In this post, we are going to discuss the recently launched Binance Pay payment gateway.
Binance Pay is a simple contactless, borderless and secure cryptocurrency payment technology designed by Binance. It is designed for customers all over the world to pay and get paid in cryptocurrencies.
What is a Crypto Payment Gateway?
Before proceeding further you must know about the crypto payment gateways. Crypto payment gateways are simple payment gateways like fiat currencies where merchants can accept payments from their customers. The only difference is in fiat currency payment gateway fiat currencies like INR, USD, GBP, etc. can be used for payments but in crypto payment gateway customers can pay in their favorite cryptocurrencies to the merchant.
How Does Crypto Payment Gateway Works?
Here is a simple flow of crypto payment gateway. The customer’s visits to the online stores are enabled with crypto payments. While checkout he can pay in crypto using his wallet. Once the customer has paid the merchant the crypto is instantly transferred to the merchant. This can be easily done with the help of a crypto payment gateway.
How Does Binance Pay Payment Gateway Works?
Binance Pay works the same as a normal payment gateway it allows businesses to accept payments from their customers in crypto. It can be set up in any physical store for contactless payments. Customers can pay by scanning the store’s unique QR code. It can also be integrated into online stores for borderless transactions with wide options of payments for customers. Customers can simply scan the unique QR code and pay from their wallet instantly from anywhere with just a single click.
What Products Does Binance Pay Offers?
Binance Pay offers a wide range of products to merchants to integrate payment gateway both online and offline to accept payments from customers. Binance Pay products are as below:
- Payment API: Binance offers a payment API that allows merchants to handle 100% of their front-end interactions. Merchants can use Binance Payment API to build fully customized checkout pages for their online stores.
- Mini Programs: Binance Pay also provides mini-programs in Binance DevTools, which merchants can use to develop and manage payment systems. This tool allows the merchants to set up a shop directly in the Binance App, through which merchants can reach their users worldwide to gain more exposure to their business.
- Payouts: Binance Pay also provides Payouts options to their merchants. By using this option merchants can send mass crypto payments to their customers and suppliers across the globe.
- Payment Links: Merchants can also create payment links according to their business requirements. These payment links can also be sent to customers on their Whatsapp, SMS, Email Id, or any other messaging channels. By clicking these payment links customers can pay easily to merchants.
- Checkout Page: Binance also provides hosted checkout pages to merchants. They can use these checkout pages to redirect their customers to collect crypto payments.
- App SDKs: Binance Pay also has an option for iOS or Android Applications. It provides mobile software development kits called App SDKs for Android and iOS app developers. Using these App SDKs merchants can integrate the Binance Pay payment option in their mobile applications.
How To Integrate Crypto Payments Using Binance Pay?
Merchants can start accepting crypto payments on their local stores, online stores, or mobile applications by using the above products of Binance Pay. To start accepting crypto payments you need to signup for the Binance Pay Merchant program.
A merchant who has not enough tech resources can also apply via Channel Partners. Binance Pay has some licensed financial institutions or third-party agencies that can help merchants set up the Binance Pay crypto payment options.