Binance Pay has introduced two new features designed to simplify the cryptocurrency transaction process. These are Send On-Chain and Send via Contact, allowing users to send crypto without needing to manually enter addresses.
New Features of Binance Pay
The Send On-Chain and Send via Contact features allow users to send over 300 cryptocurrencies by selecting a recipient from their contacts or scanning a QR code. These upgrades eliminate the need for manual address entry and gas fees for peer-to-peer transactions.
Benefits for Users and Merchants
The Send via Contact feature effectively turns a user's phone directory into a payment network, enabling a three-step flow: select a contact, choose an amount, confirm the transaction. If the recipient isn't on Binance, the sender can onboard them directly from the app. The Send On-Chain feature utilizes image recognition to decode wallet addresses from screenshots or photos.
Binance's Strategy for Enhancing Crypto Usability
This is not Binance Pay's first move toward real-world utility. Just days before this update, the service partnered with French fintech Lyzi to bring crypto payments to luxury hotels and retailers on the French Riviera. The public endorsement by Mayor David Lisnard highlights a growing trend: municipalities and businesses increasingly view crypto payments not as a novelty, but as infrastructure.
The implementation of new features in Binance Pay signals the company's goal to integrate cryptocurrency into everyday financial operations, simplifying the process and lowering barriers for users.
