Binance Payment Time Extenstion
Enable sellers to extend the payment deadline for buyers to help prevent order cancellations in Binance P2P trading feature.
This project is a new launched feature in Binance P2P(Peer-to-Peer) transactions to enable sellers to extend the payment time limit for buyers to prevent from order cancellations.
Binance P2P is a peer-to-peer marketplace where Binance users can directly trade crypto with other Binance users.
In this marketplace, sellers set specific payment time limit for buyers to comply with. After order created, if a buyer fails to mark the order as paid within this timeframe, the system automatically cancels the order. Sometimes sellers set short payment deadlines (e.g. 15 minutes), causing orders to be canceled before buyers are ready for payment. They might need to remake the order afterwards.
This often leads to dissatisfaction on both sides of the transaction.
The current user flow for buyers who cannot make a payment within the time limit is not user-friendly. Buyers either need to cancel the order themselves or let the order expire when the time limit runs out, both of which affect their completion rate. On the seller's side, they can only wait for the buyer to proactively provide the order number for cancellation or allow the order to expire, which is quite passive.
Enable users to have greater flexibility, especially when buyers are willing to complete the order but need a bit more time.
Deploy a new feature allowing sellers to extend the order time, which becomes available when the countdown is less than 5 minutes.