Binance Pay to Phase Out Pay ID Support Starting August 2024

In
a
recent
announcement,
Binance
has
revealed
that
its
Binance
Pay
service
will
gradually
phase
out
support
for
Pay
ID
starting
from
August
6,
2024.
This
decision
is
part
of
Binance’s
ongoing
efforts
to
streamline
its
product
offerings
and
enhance
user
experience,
according
to

Binance.com.

Transition
to
Other
Payment
Methods

Binance
emphasized
that
the
ability
to
send
and
receive
cryptocurrency
via
Binance
ID,
email,
or
phone
will
remain
unaffected.
Users
are
encouraged
to
transition
to
these
alternative
methods
to
ensure
a
seamless
experience.
The
change
aims
to
simplify
Binance
Pay’s
functionality
and
provide
a
more
streamlined
user
experience.

Impacted
Services

The
discontinuation
of
Pay
ID
will
affect
several
Binance
Pay
products
including:

• Send
• Send
  Multiple
• Merchant
  Platform
  Single
  Payout
• Merchant
  Platform
  Batch
  Payout

Despite
the
phase-out,
historical
transactions
made
via
Pay
ID
will
still
be
accessible.
Users
can
view
their
records
through
the
path:
[Pay]
>
[Transaction
History].
Additionally,
the
Merchant
Payout
API
will
continue
to
support
Pay
ID
until
further
notice,
but
users
are
advised
to
switch
to
other
available
options
promptly.

Addressing
Discrepancies

Binance
noted
that
there
might
be
discrepancies
in
translated
versions
of
the
announcement
and
advised
users
to
refer
to
the
original
English
version
for
the
most
accurate
information.
This
move
is
part
of
Binance’s
broader
strategy
to
continuously
review
and
adapt
its
product
offerings
to
better
serve
its
user
base.

Industry
Context

This
development
follows
a
series
of
updates
and
changes
by
Binance
aimed
at
optimizing
its
services.
Recently,
Binance
has
been
focusing
on
enhancing
its
platform’s
security
and
user
experience,
including
the
introduction
of
new
features
and
the
discontinuation
of
less-utilized
services.

As
the
cryptocurrency
industry
evolves,
platforms
like
Binance
are
continually
adapting
to
meet
the
needs
of
their
users
while
ensuring
compliance
with
regulatory
standards.
The
gradual
discontinuation
of
Pay
ID
is
a
step
towards
creating
a
more
efficient
and
user-friendly
payment
ecosystem
within
the
Binance
platform.

Image
source:
Shutterstock