MoonPay Has Just Launched Its Credit Card Payment Tool for NFT Purchases

Today, MoonPay introduced its new payment solution that allows users to instantly purchase NFTs with a credit or debit card.
Image source: Logowik

Last Updated on December 19, 2022

Quick take:

  • Platforms that integrate the tool will allow users to pay for their NFT without using cryptocurrency.
  • The tool enables anyone with an NFT collection to accept card payments.
  • This will simplify the NFT buying process for non-crypto natives.

Crypto payment provider MoonPay has just rolled out its new payment solution today. Named NFT Checkout, the payment tool is what MoonPay claims to be the industry’s first NFT plug-and-play solution for NFT marketplaces to allow users to buy NFTs instantly with a credit or debit card.

NFT Checkout also supports payments made using Apple Pay, Samsung Pay, Google Pay, SEPA, Faster Payments, wire transfers, open banking payments and ACH transfers.

The launch of NFT Checkout comes shortly after Coinbase announced its partnership with Mastercard to make NFT payments with cards possible on its upcoming NFT marketplace.

NFT Checkout is created to simplify the NFT purchasing process for non-crypto natives by eliminating the need to sign up for a wallet, load it with crypto, and connect it to a marketplace. 

The plug-and-play solution allows creators, brands, companies, NFT marketplaces and anyone with an NFT collection to accept card payments. It also works across any blockchain including Ethereum, Solana, Polygon and Tezos.

NFT Checkout only works on NFT platforms that have integrated the solution. It claims to convert three times more users than standard crypto checkouts. 

Users can top up their wallets with cash from their credit/debit cards without leaving the platforms and skip the lengthy know-your-customer (KYC) process for NFT purchases up to $7500. After purchasing via Moonpay, NFTs will be sent directly to the customer’s crypto wallet.

Gas fees for NFT purchases via MoonPay’s checkout tool will be priced into the cost of NFTs except for those on more efficient blockchains like Polygon, which MoonPay will cover the gas fees. A processing fee of 3.5% or $3.99 will be charged to users buying the NFTs.

MoonPay is already a crypto payment provider to NFT platforms such as Sorare, OpenSea and Solsea, where users can use MoonPay to purchase cryptocurrency via credit or debit card for NFT purchases. However, these platforms have yet to integrate the NFT Checkout tool that allows NFT purchases without crypto.

Last November, MoonPay quietly launched its concierge service to help high net worth individuals purchase NFTs. Some of its famous clients include Jimmy Fallon, Post Malone, Snoop Dogg and Eva Longoria.

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