Bitcoin Forum

Some news talked about Binance intention to create a Binance Pay (beta)


Will such services succeed, and cryptocurrencies will be my reserve for these platforms?

Well, if their payment gateway does not require kyc, and the wallet is different from the binance account. I mean if its independent of the current account since binance is known about this, the same to their mining pool.

Like you can just import the xpub of your wallet to generate address then I guess that would be better and I maybe try it (currently using blockonomics).

Just another avenue where people are going to waste money in fees in form of processing fees, service charges, exchange rate etc. If one want to send or pay money to someone across the boarders, why not just be direct. Send BTC or ETH from one address to another?

Am i missing any information regarding the benefits of this payment gateways?

I doubt it would be non-custodial. I'm expecting something similar to PayPal.me where one has to give his username (or email/phone number) to be able to receive funds.

Edit: I didn't knew they released it already, so as guessed : https://www.binance.com/en/support/faq/d6fabc736d1f4e7fb60e56afe6d1f3b9

Apparently, the feature will be built-in inside the exchange phone app. This is no different from doing an "internal" transfer with another binance's user using his address. It's just a more convenient way.

Something like Google Pay? But cryptos are already digital and we can transfer between wallets then why we need an app to transfer Bitcoin?

If they have such app then it is going to be custodial and something like internal transfer between coinbase accounts.

Ah, yes. But it would be better if using this feature will reduce the fee unlike the withdrawal fees which cost more, well, it has zero fees but how about sending to external wallets if possible and without fees as well.

The only downside is this one which is unreasonable, its like a blockchain.com exchange that needs to wait days before it can be withdrawn/transfer.

Looks like Binance exchange and CZ are looking to try and earn money in all possible ways and BinancePay may be some alternative for PayPal and similar payment processors.
Problem with this is that I doubt they can make it available worldwide, and United States will probably be excluded from this with some other countries.
Good thing about it is that there are no fees for using BinancePay (for now)

Definitely not the only downside on this. Actually, the biggest downside on this is that you need to undergo identity verification first. That makes this not too attractive for me. Well, to those who don't mind revealing themselves this might be good.


No problem if they won't make it available worldwide immediately. Growth is a gradual process, after all. And this is actually offered to selected Binance.com users only. Which means that citizens of countries who are restricted to use Binance.com like the US citizens will not be able to use this. But who knows in the future?

Initially, I thought it's going to be a "proper" payment gateway but after visiting the link OmegaStarScream provided, IMHO they've brought something to the table that's too insignificant.
^{- I do know it's a dynamic system [not totally useless] but they've also made everything to be much more complicated than it should be [too many unnecessary steps in the process] so personally, I can't see a massive success for this.}

I first thought it would be a payment processor for online shops. But it looks like the Binance Pay was designed to make it easier to send funds from users to users.

Someone mentioned processing fees, according to the FAQ, it looks like there won't be any:
https://www.binance.com/en/support/faq/d6fabc736d1f4e7fb60e56afe6d1f3b9

Looks like this is gonna be off-chain transactions.