MoonPay, an infrastructure payments firm for cryptocurrency, is introducing a checkout tool that gives users multiple cash payment options that its NFT clients can offer users to buy digital art and collectibles.
NFT Checkout allows payment options that include debit and credit cards, Apple Pay, Samsung Pay, Google Pay, SEPA, Faster Payments, wire transfers, open banking payments and ACH transfers. Typically, customers looking to purchase NFTs would have to load a blockchain wallet with cryptocurrency to make purchases.
“While there have been efforts to simplify the NFT buying process, they haven’t gone far enough. It’s our belief that buying an NFT shouldn’t just be simple, it should be as simple as possible,” Lead Writer Geoffrey Lyons said in a MoonPay blog post on Thursday (Jan. 27).
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MoonPay’s new product is already live, and the company said it thinks it could triple sales for NFT sellers while at the same time delivering an easier, faster checkout process. MoonPay’s client base is comprised of big brands and NFT marketplaces.
With MoonPay’s plug-and-play product, NFT buy and selling no longer requires the purchase of cryptocurrency beforehand. Anyone with an NFT collection can accept card payments. The new checkout tool supports NFT purchases across any blockchain, including Ethereum, Flow, Solana, Tezos and Polygon.
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“Currently the number of people with direct access to crypto (i.e., those with wallets) is only a tiny portion of the internet population,” Lyons said.
“By expanding the reach of NFTs to anyone able to pay with a card, we’re not only drastically scaling NFT adoption: we’re opening up new revenue streams for businesses, new royalty sources for artists, and altogether bringing the benefits that NFTs offer to a much wider brand ecosystem,” Lyons added.
The checkout tool also makes the KYC process easier, allowing users to bypass the extensive ID verification process for NFT buys up to $7,500. Settlements are paid automatically on a daily schedule.
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