Paysafe has introduced a groundbreaking payment solution, Pay with Crypto, aimed at enhancing the convenience of cryptocurrency transactions in the U.S. iGaming and daily fantasy sports markets. The service, powered by MoonPay, allows users to deposit funds using popular cryptocurrencies and stablecoins, which are then instantly converted into U.S. dollars for seamless in-game use.
The integration of this service focuses on minimizing friction in the payment process. Users can easily select the crypto option at checkout, connect their digital wallets, and complete transactions often using a QR code. Once the transaction is verified, the funds are quickly converted into USD and linked to the player’s account, removing the necessity for users to manually convert their digital currencies before participating in gameplay.
The timing of this launch aligns with the growing demand for cryptocurrency payment options in the U.S., where approximately 70 million Americans now own digital assets. Recent research conducted by Paysafe reveals that a significant 83% of players express interest in utilizing cryptocurrency for payments. This trend is prompting platforms to diversify their payment methods beyond traditional options.
Although the customer-facing experience is streamlined, the backend integration offers vital flexibility for platform operators. They can upgrade their payment systems with Pay with Crypto through a single, straightforward integration using the Paysafe Gateway, tailored specifically for iGaming. This Gateway also accommodates various payment types, including frictionless card payments, the Skrill digital wallet, PaysafeCash eCash solutions, a Pay by Bank option, and over 30 local payment methods.
Zak Cutler, President of Global Gaming at Paysafe, underscored the significant transition occurring in the payment landscape, noting the rising popularity of stablecoins. He remarked, “Cryptocurrency is evolving in the U.S. from an investment asset into a unit of value for payments, particularly within the iGaming market. We’re pleased to introduce Pay with Crypto, a forward-thinking solution that positions U.S. operators to meet their customers’ evolving transactional preferences.”
Ivan Soto-Wright added to this narrative, emphasizing that efficient payment processing is essential. He stated, “Crypto rails are making payments faster and more efficient, and our job is to bridge the gap between this technology and real-world utility. People shouldn’t have to convert their digital assets just to make a purchase – they want to use what they already have. Paysafe brings that experience to more people through trusted, regulated platforms.”
As the use of stablecoins and other crypto payments continues to increase, Paysafe’s latest offering showcases a significant shift in user behavior—marking the evolution of cryptocurrency from an asset to a practical tool for everyday transactions.
