Here is a step-by-step guide to using Binance Pay for QR payments while traveling to Vietnam:
Initial Requirements:
- Binance Account: Register and complete identity verification (KYC) at Binance.com.
- Special Features: This QR payment feature is only available for travelers visiting Vietnam who have completed the Binance identity verification process.
- Latest App: Make sure you are using the latest version of the Binance app on your mobile device.
Payment Steps:
1. Open the Binance App: After logging into your account, tap the 'Pay' icon at the bottom of the app menu.
2. Select Scan Feature: Tap the "Scan" icon on the Binance Pay interface.
3. Scan QR Code: Scan the QR code provided by the merchant (supports VietQR, MoMo, and other types of QR codes that have been integrated).
4. Confirm Payment: Check the payment amount displayed on the screen, then authorize by completing two-factor verification (2FA) if required.
5. Done: Payment will be processed instantly after successful verification.
Important Note:
- Local Law: Vietnam does not recognize cryptocurrencies as legal tender, but this feature is specifically designed for tourists in compliance with applicable regulations.
- Transaction Fees: Currently, there is no information about additional fees for this feature, but it is advisable to check the latest information on the Binance help page.
- Security: Always ensure that the scanned QR code is legitimate, use a secure network, and enable two-factor authentication to protect your account.
Main Reasons Why Tourists/Travelers Should Use Binance Pay for Crypto Payments
1. Fast Transactions and Low Fees
Binance Pay facilitates cross-border payments with relatively short processing times (often instant) and lower transaction fees compared to conventional international money transfers or the use of foreign credit cards, which often incur currency exchange and additional administrative fees.
2. Currency Flexibility
Users can use a variety of supported cryptocurrencies (such as Bitcoin, Ethereum, BNB) or fiat currencies available in their Binance accounts to make payments. Some merchants also allow the acceptance of payments in crypto, which are then automatically converted to local currency, avoiding the hassle of value fluctuations on the consumer side.
3. Easy Payment Process
QR code-based systems or direct transfers between Binance Pay accounts make the payment process not require detailed banking information. Tourists only need to open the Binance app, scan the QR, or enter the merchant payment ID to complete the transaction.
4. Guaranteed Security
Binance Pay uses high-level data encryption, two-factor authentication (2FA), and other account protection systems. Additionally, crypto transactions are recorded on a transparent blockchain while still maintaining user privacy.
5. Expanding Merchant Reach
Binance continues to expand its merchant network supporting Binance Pay in various countries, including popular tourist spots for accommodation, food, transportation, and tourist activities. This makes it increasingly convenient to use while traveling.
6. No Need for Large Local Currency Balance
Tourists do not need to exchange large amounts of cash or maintain a large balance on cards for local currency. Payments can be made anytime as needed, with value conversion that can be checked in real-time in the app.