Binance Enhances Pay Send with New Contact and On-Chain Features

Binance, a global leader in blockchain infrastructure and digital asset services, has enhanced its Binance Pay Send product by introducing two new features: Send via Contact and Send On-Chain. These updates aim to streamline crypto transfers and encourage users to focus on the practical applications of digital assets.

Send via Contact enables Binance users to transfer over 300 different cryptocurrencies instantly by selecting a contact from their mobile phone's contact list. This feature eliminates the need for manual entry of personal details such as wallet addresses, email addresses, or Binance IDs. Users can send funds quickly and without gas fees, similar to sending a text message. This capability not only simplifies crypto transactions but also reduces the likelihood of errors by eliminating manual input. If the recipient does not have a Binance account, the sender can invite them, simplifying the process of joining the Binance ecosystem. This aligns with Binance's broader goal of making digital assets more accessible and user-friendly.

Send On-Chain complements Send via Contact by allowing users to transfer funds to external wallets. Instead of manually copying long wallet addresses, users can scan a QR code or import a picture of the wallet address directly within the Binance app. This makes the transfer process faster and minimizes the risk of errors due to character mismatches or typos. Additionally, Binance Pay has implemented character similarity detection and confirmation to ensure the validity of wallet addresses before performing any actions, providing users with confidence that their funds are being sent to the correct address.

“With the launch of ‘Send via Contact’ and ‘Send On-Chain’, Binance Pay is making sending crypto even more intuitive and accessible by merging offchain and on-chain transfers onto one single platform,” said Jonathan Lim, Global Head of Binance Pay. “These features are part of our broader mission to bring everyday utility to digital assets and simplify the way people connect, pay, and transfer value globally.”

The introduction of these features underscores Binance Pay's commitment to optimizing its functionality, lowering the barrier to entry, and promoting broader cryptocurrency adoption. The focus on daily usability aligns with Binance's core vision of making crypto an integral part of everyday financial transactions in a reliable and efficient manner.

The new updates also facilitate the use of stablecoins, making it easier for users who find it challenging to use digital assets for remittances, payments, or peer-to-peer transfers to access decentralized platforms. These updates are available globally, though they may be restricted in regions where regulatory measures are enforced.

Binance Pay is a cross-border, contactless crypto payment system integrated into the Binance ecosystem. It supports over 300 cryptocurrencies and enables error-free money exchanges for more than 40 million active users and 32,000 merchants. Binance Pay allows users to send money globally to friends or businesses without incurring gas fees.

Binance itself has over 275 million registered users worldwide and is consistently ranked among the top three in terms of cryptocurrency trading size. Its emphasis on innovation and user empowerment has made Binance a key driver in promoting the adoption of blockchain technology globally.

Crypto assets are inherently risky and can decrease in value, with no guarantee of partial recovery of investment. Binance does not offer investment advice and is not responsible for any losses incurred. Binance Pay should be used with caution. For further details, please consult the full terms and conditions of Binance.