Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Crypto payment infrastructure provider MoonPay has gone live with a first-of-its-kind card checkout initiative for NFT purchase.
Crypto payments platform MoonPay has launched the world’s first credit card checkout for non-fungible token (NFT) purchases. The plug-and-play service means that users can now buy NFTs without using crypto, and is available to brands, creators, and marketplaces. In addition, the NFT checkout card also allows payments through major channels. These include Apple Pay, Samsung Pay, Google Pay, SEPA, Faster Payments, wire transfers, open banking payments, and ACH transfers. Some of the items purchasable with fiat money include digital art, music, and collectibles.
MoonPay Card Checkout Makes NFT Purchase Seamless
MoonPay chief executive officer Ivan Soto-Wright weighed in on this latest development. According to him:
“We’ve already radically simplified cryptocurrency transactions – NFTs were the obvious next step… [NFTs] hold the potential to transform the way we build, strengthen and maintain powerful human connections – not for a centralized few behind walled gardens, but for anyone and everyone on the planet who is ready to become a part of this powerful movement.”
Furthermore, MoonPay’s NFT checkout initiative classifies the tokens as “digital goods.” It further stated that the approval rates of NFT checkouts cards are several times higher than standard crypto on-ramps. The result of this is that the former subsequently facilitates sales three or more times higher.
Before the checkout feature, those looking to buy NFTs first went through a tedious series of payment schemes. This included purchasing the requisite crypto before eventually exchanging it for the desired NFT. MoonPay’s card checkout cuts out all the tedium. It provides less fees and easier verification process, and delivers the tokens directly to on-chain wallet addresses. In addition, MoonPay absorbs all the regulatory and chargeback obligations, thereby enabling customers to seamlessly venture into the marketplace.
“Right now, the NFT market is limited to the hundreds of millions of people who own cryptocurrency. MoonPay’s NFT Checkout has just opened the door to billions more who own credit cards by making ownership both simple and fast.”
MoonPay’s NFT credit card launch comes on the heels of prominent crypto exchange Coinbase’s similar offering. Coinbase recently inked a deal with renowned payment processing platform Mastercard to allow people buy from the exchange’s upcoming NFT marketplace using.
MoonPay came into being less than three years ago, allowing people to exchange crypto, fiat, and CBDCs using major payment methods. The platform’s fiat-to-crypto on-ramp supports over 250 wallets, applications, and websites in over 160 countries. Furthermore, the total value of transactions processed by MoonPay to date stands in excess of $2 billion. Back in November 2021, MoonPay raised $555 million in a Series A funding round spearheaded by Tiger Global Management and Coatue. In addition, the crypto payment infrastructure provider also netted a $3.4 billion valuation from the exercise. The new funding essentially made it a ‘unicorn’ firm.