Paysafe Ltd (NYSE:PSFE), a prominent player in the global payments sphere, has unveiled a new payment solution named Pay with Crypto, specifically designed for iGaming operators and daily fantasy sports brands in the United States. This innovative service, powered by MoonPay, allows customers to utilize their preferred stablecoins or cryptocurrencies to conveniently fund their player accounts where applicable.
With the introduction of Pay with Crypto, players have the option to deposit using well-known cryptocurrencies such as USD Coin (USDC) or other major digital currencies. The unique functionality ensures that any crypto deposit is quickly converted into U.S. dollars, facilitating seamless gameplay. Players can connect their crypto or custodial wallets to fund their accounts effortlessly. Furthermore, the solution supports transactions through QR codes, leveraging MoonPay’s Commerce Checkouts technology, which enhances convenience for users on mobile devices.
The flexibility of the Pay with Crypto solution extends beyond just players; iGaming operators can choose their preferred method for settling payments. They have the option to settle in stablecoins directly into their crypto wallets, or to convert funds into U.S. dollars or other major fiat currencies via MoonPay’s Virtual Accounts, developed in partnership with Iron. This multi-faceted approach gives operators control over their cash flow and operational currency choices.
Integration of Pay with Crypto into existing systems is streamlined, allowing operators to enhance their cashiers with this new functionality via a single deployment of the Paysafe Gateway. This gateway has been tailored specifically for the iGaming sector, building on the company’s three decades of experience in the payments industry. It currently supports a range of payment options, including card payments, Skrill digital wallet, PaysafeCash eCash solutions, and over 30 local payment methods, thus further diversifying its offerings.
Zak Cutler, President of Global Gaming at Paysafe, highlighted the growing acceptance of cryptocurrency in the U.S., noting that it is transitioning from being viewed solely as an investment to becoming a viable payment method. He expressed excitement about the launch of Pay with Crypto, which he believes positions U.S. operators favorably to adapt to changing consumer payment preferences in the iGaming market.
Ivan Soto-Wright, Founder and CEO of MoonPay, also shared his enthusiasm, emphasizing the need for faster and more efficient payment systems in the real world. He stated that consumers should be able to use their digital assets without the hassle of conversion for everyday purchases. This collaboration with Paysafe aims to bridge the gap between innovative payment technology and its practical application, providing a reliable solution to a broader audience through trusted, regulated platforms.
