Binance Pay Introduces New Features to Simplify Crypto Transfers

Binance Pay has introduced two new features, Send On-Chain and Send via Contact, designed to simplify the process of transferring cryptocurrencies. These features aim to make crypto transfers more accessible and user-friendly by reducing the steps involved and minimizing the risk of errors.

With Send On-Chain, users can transfer over 300 cryptocurrencies by scanning QR codes or selecting contacts, eliminating the need for manual address entry. This feature leverages advanced image recognition technology to decode wallet addresses from photos or screenshots, ensuring accuracy and preventing common mistakes. The Send via Contact feature allows users to transfer funds by selecting a contact from their phone, entering the amount, and confirming the transaction, making the process intuitive and straightforward.

Jonathan Lim, Global Head of Binance Pay, highlighted the company's mission to unify off-chain and on-chain transfers, making digital asset payments more accessible worldwide. These upgrades not only simplify peer-to-peer payments but also encourage user adoption by providing a seamless onboarding experience within the app.

The immediate impact of these features is evident in the speed and cost-efficiency of transactions. Stablecoin transfers between Binance Pay users now occur almost instantaneously without incurring gas fees, making it ideal for everyday use cases like remittances or bill splitting. Merchants also benefit from the same QR infrastructure that supports over 80 businesses, seamlessly integrating peer-to-peer and point-of-sale crypto payments. This interoperability signals Binance’s commitment to creating a fluid ecosystem where digital assets move effortlessly between individuals and commercial entities alike.

Binance Pay’s recent partnership with French fintech Lyzi exemplifies the company’s broader ambition to embed cryptocurrency into everyday commerce. By enabling luxury hotels and retailers to accept crypto payments, Binance is positioning digital assets as a viable payment infrastructure rather than a niche novelty. Public endorsements from figures underscore the growing acceptance of crypto as a legitimate economic tool within municipalities and businesses.

When combined with the new Send On-Chain and Send via Contact features, Binance’s strategy becomes clear: to make crypto transactions as effortless and ubiquitous as contactless card payments. This vision aims to dissolve the complexity traditionally associated with digital assets, fostering broader adoption and utility in daily financial interactions.

Binance Pay’s innovative upgrades mark a significant step toward mainstreaming cryptocurrency payments by addressing usability and security challenges head-on. By simplifying transfers through contact selection and QR code scanning, Binance is reducing friction and enhancing the user experience for both individuals and merchants. These developments not only support Binance’s mission to integrate crypto into everyday life but also set a new standard for seamless digital asset transactions globally.