MoonPay: 1st Platform to Allow NFT Checkouts with Credit Cards

Sahana Kiran
Source – Pixabay

NFTs and their ever surging popularity have been lauded by many. However, purchasing them can be quite a bit of a task. Therefore, MoonPay hopes to revolutionize the industry with its latest option that allows users to buy NFTs with a credit card.

Non-fungible tokens have settled below the spotlight. Individuals from all over the globe have been either venturing into the NFT space or making big purchases. While a lot of them fail to understand the hype around it, a few others have been calling it the next big thing. Crypto unicorn, MoonPay wanted in and clearly did not want to miss out on the “next big thing.”

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Earlier today, MoonPay enabled NFT Checkout, a feature that would allow users to purchase NFTs instantly with a card. The platform announced this launch on Twitter.

MoonPay users can either use their credit or debit cards during checkout. The firm’s NFT Checkout feature offers an array of services. The latest feature works on several blockchains including Ethereum, Flow, Solana, Polygon, and Tezos. Not just buyers, sellers can easily withdraw funds through bank transfers as well as ACH.

Furthermore, no rigorous KYC verification is required. Extensive ID verification is required for purchases above $7500. Additionally, users can easily top up their wallets without having to leave the platform.

Speaking about the latest feature, MoonPay’s blog stated,

“It’s our belief that buying an NFT shouldn’t just be simple, it should be as simple as possible. MoonPay has reimagined the NFT buying and selling experience by removing the need for users to acquire crypto. We’ve done this by creating a plug-and-play NFT solution that enables anyone with an NFT collection—companies, brands, creators—to accept card payments. We’re calling it NFT Checkout.”

MoonPay rolls out NFT Checkout faster than Mastercard

Technically, MoonPay isn’t the first platform to make such an announcement. Earlier this month, payments giant Mastercard affirmed a deal with crypto exchange Coinbase. As part of this deal, users would be able to employ their Mastercard to buy NFTs.

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With a similar vision of streamlining the process of NFT purchases, Mastercard and Coinbase came together. However, this was still on hold as Coinbase’s NFT marketplace was still in the making.