Apple Pay and Google Pay now enable credit and debit card payments through Binance. On its official website, the top cryptocurrency exchange made an announcement with more information on the feature. The company claims that users from the United Kingdom (UK) and European Economic Area (EEA) nations can buy cryptocurrency using their cards.
Users must first fulfill the conditions for account verification, according to Binance. Before utilizing their debit or credit cards to purchase the digital currencies mentioned on the exchange, they must finish the verification process.
Additionally, the release notes that third-party partners’ services are necessary to make the Binance card payment system possible. As a result, delivering such services and features is not directly the responsibility of the cryptocurrency exchange. Instead, the Changpeng Zhao-led organization clarifies that it very occasionally collaborates with these partners.
Additionally, Binance emphasizes that no overseas remittances are supported and that all card payments are domestic. Last but not least, the well-known exchange reports that Brazilian card-paying users would be required to pay the IOF tax charge on each Binance card transaction.
The crypto exchange also provided a guide on using the debit card on how the investors can buy digital tokens with the Apple and Google platforms. Here, investors first start by logging in logging into their Binance wallets or accounts, then selecting or clicking the buy button, and then the buyer should click the debit or the credit card. Buyers enter the desired amount in fiat currency for the transaction in the following stage, and the system then displays the total amount of crypto that is due.
Users then go on to purchase cryptocurrency using one of the various Google Pay or Apple Pay alternatives prior to finalizing their orders. But according to Binance, users only have a minute to confirm their orders. People who take longer can be required to complete their transactions at various prices because the feature will recalculate in accordance with the current market pricing. To finalize the transaction based on the updated pricing, users must click the “Refresh” button. Each transaction on the exchange will be subject to a 2% commission fee.
The purchaser will be taken to their Google Pay or Apple Pay transaction page once these requirements have been met. Here, they will adhere to the on-screen prompts to confirm payment, and once payment is complete, they can see the transaction history by clicking “View Transaction History.”
Along with other significant company advancements, Binance now supports card payments. Recently, Binance formally dropped out of the agreement after deciding against buying troubled rival FTX. In the past 48 hours, it had been widely believed that Binance would intervene and save the Sam Bankman-Fried-led company from financial ruin.