MoonPay Checkout enhances user purchasing experience for NFTs, eliminating gas fees and offering walletless buying functionality.

The blockchain payment startup MoonPay has announced that it will enhance its existing NFT purchasing tool, NFT Checkout, by providing higher purchasing limits, fraud refunds, wallet-less purchases, and other new features. The tool has been renamed as MoonPay Checkout.

Introduction to MoonPay Checkout

MoonPay has renamed its existing NFT checkout plugin, NFT Checkout, to MoonPay Checkout and enhanced its original features.

Original Features of NFT Checkout

In January last year, MoonPay launched NFT Checkout, a convenient checkout tool for anyone to purchase NFTs. It focuses on accepting credit cards and debit cards from mainstream issuing institutions, such as Visa and Mastercard, as well as payment methods like Apple Pay and Google Pay. It provides a daily card limit of $7,500, maximizing the potential audience.

For sellers, MoonPay offers bank transfers and secure ACH withdrawals, which are usually processed in the backend of the protocol. Sellers receive cryptocurrencies like ETH, complying with local regulations, simplifying the seller's payment processing flow and risk.

This tool has gained support from NFT exchanges or projects, including OpenSea, Magic Eden, and ENS, with a total transaction volume exceeding $50 million.

Currently, NFT Checkout supports payment systems for 35 fiat currencies and 41 blockchain networks.

New Features of MoonPay Checkout

MoonPay Checkout, after the rebranding, offers the following new features:

• Increased card limit: Buyers have a daily limit of $15,000.
• Fraud protection: Provides users with full compensation for fraudulent transactions, increasing user confidence in purchases.
• Wallet-less purchases: Automatically creates non-custodial wallets for users without wallets, reducing barriers to purchasing NFTs.
• Free gas fees: In addition to the Ethereum network, MoonPay covers the blockchain gas fees on behalf of users.
• Multiple minting standards: Supports multiple minting NFT standards, including ERC-721s and ERC-1155s.

Currently, users need to wait for protocol updates from platforms like OpenSea to use the aforementioned services.

MoonPay as a Future Wallet Competitor

MoonPay's competitors are no longer other blockchain payment products but Web3 wallet providers.

This update, compared to the original design, further enhances the user experience of MoonPay Checkout. Whether it's free gas fees or wallet-less purchase functionality, the goal is to provide a service that "downplays blockchain technology," highlighting the user's intention to make a purchase and reducing the barriers to using Web3 products, thereby enhancing the purchasing experience.