Binance Introduces Send via Contact and Send On-Chain for Easier Crypto Transfers

Binance Pay has unveiled two new features, Send via Contact and Send On-Chain, designed to streamline cryptocurrency transfers for users worldwide. These enhancements aim to make crypto transactions more intuitive and efficient, reflecting Binance's commitment to innovation and user experience.

The Send via Contact feature allows users to transfer over 300 cryptocurrencies directly to mobile contacts without the need for wallet addresses. This simplification adds a layer of accessibility, as users can select a contact, choose an amount, and confirm the transaction in just three steps. If the recipient is not on Binance, the sender can onboard them directly from the app, creating a built-in growth loop.

The Send On-Chain feature facilitates transactions by enabling users to transfer cryptocurrencies via scanned QR codes or wallet address photos. This eliminates manual input and network errors, using image recognition to decode wallet addresses from screenshots or photos. The system also cross-checks characters for common errors, providing a critical safeguard against misentered addresses.

These upgrades could significantly impact cryptocurrency market behaviors by reducing transaction costs and increasing liquidity. Users can benefit from swift and secure transfers, potentially leading to heightened activity across supported digital assets. The new features also benefit merchants, as the same QR system used for peer-to-peer transactions can be applied to in-store payments, enhancing interoperability and usability.

Binance's efforts to simplify crypto transfers mirror the broader trend of integrating digital assets into everyday transactions. The company's recent partnership with French fintech Lyzi to bring crypto payments to luxury hotels and retailers along the Côte d’Azur highlights this growing trend. By making the act of transacting disappear into the background, Binance aims to merge off-chain and on-chain transfers into one seamless experience, aligning with its mission to bring everyday utility to digital assets and simplify global value transfers.