Paysafe has introduced a groundbreaking payment solution called Pay with Crypto, aiming to enhance the everyday use of cryptocurrency in the U.S. iGaming, daily fantasy sports, and broader ecommerce sectors. This initiative is powered by MoonPay, a leader in crypto payment solutions and stablecoin infrastructure.
The Pay with Crypto integration allows users to make deposits using major cryptocurrencies or stablecoins, which are immediately converted into U.S. dollars for use in gameplay or purchases. This functionality integrates seamlessly with existing merchant infrastructures, eliminating the need for a separate onboarding process for crypto transactions.
At checkout, players can simply select the Pay with Crypto option, connect their cryptocurrency or custodial wallet, and finalize their transaction, often utilizing QR codes for convenience. The process is designed to be swift, with funds quickly being converted to USD and credited to the user’s account. This eliminates the need for customers to manually convert their cryptocurrency before making purchases, streamlining the overall user experience.
The broader implications of this integration indicate a significant advancement in stablecoin infrastructure. Rather than dealing directly with consumers, MoonPay enhances established payment platforms, enabling merchants to accept crypto alongside traditional payment methods such as credit cards and digital wallets without additional integration efforts. MoonPay’s Virtual Accounts, supported by Iron, offer merchants the flexibility to settle transactions in stablecoins to a crypto wallet or in U.S. dollars or other fiat currencies through a single provider.
The demand for crypto payments is growing, with approximately 70 million Americans now holding digital assets. Research from Paysafe suggests a significant interest among players, with 83% expressing a willingness to use cryptocurrencies for transactions. This dual landscape of ownership and intent is driving platforms to broaden their payment options beyond traditional methods.
Operators can enhance their cashiers with the Pay with Crypto option through a streamlined integration with the Paysafe Gateway, which already supports various payment methods, including card transactions, the Skrill digital wallet, the PaysafeCash eCash solution, and multiple local payment methods.
Zak Cutler, President of Global Gaming at Paysafe, noted the transformative potential of this solution. He stated that cryptocurrency is transitioning from being viewed solely as an investment asset to becoming a viable unit of value for payments. This shift is particularly evident in the U.S. iGaming market, where such developments are crucial for meeting customer preferences.
Ivan Soto-Wright added that the aim of integrating crypto rails is to create faster, more efficient payment systems, allowing users to leverage their digital assets directly for purchases. He emphasized the importance of bridging the gap between cryptocurrency technology and everyday utility, ensuring people can utilize their digital assets without needing to convert them first.
The launch of Pay with Crypto exemplifies the evolution of stablecoins and cryptocurrencies from merely held assets to practical units of value for daily transactions, marking a significant advancement in the convergence of digital finance and real-world applications.
