MetaMask partners with fintech company Banxa! Introducing Apple Pay to simplify the process of buying coins.

The most popular self-custody wallet MetaMask and Web3 onramp solution Banxa announced a partnership earlier this year, and through Decrypt explained the upcoming updates and new features of the product, aiming to simplify user transactions, optimize the user interface, provide more payment channels, and reduce transaction fees.

MetaMask to Introduce Apple Pay through Banxa

The chaos in the crypto market in 2022 undoubtedly increased the demand for self-custodial wallets among users. Consensys seized the opportunity to enhance its product MetaMask by partnering with the financial payment technology company Banxa in February of this year.

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It is reported that among MetaMask's eight payment channels, only Banxa offers the most streamlined purchasing process, allowing users to buy cryptocurrencies with just a single or very few clicks, maximizing efficiency for users. This move reduces the waiting time for users during the purchase process, enhancing the overall user experience.

Lorenzo Santos, Product Manager at MetaMask, commented:

This is just a minor technological improvement, but in the crypto industry, which places great importance on user experience design, it is crucial. Now, the time required to purchase cryptocurrencies will be reduced from a few minutes to less than a minute.

What are the Benefits?

Through this collaboration, MetaMask and its users can benefit in the following ways:

• More alternative payment methods APMs: With Banxa offering the widest and most diverse global and regional payment methods, MetaMask users can now use new payment options such as Apple Pay, PayID, iDEAL, as well as local payment solutions in Brazil, the United States, and Europe.
• Lower transaction fees: MetaMask utilizes Banxa's local banking infrastructure to eliminate the complexities of cross-border transactions and reduce the costs involved in intermediary financial institution conversions. This allows for lower transaction fees while providing a more user-friendly payment experience.
• Peace of mind and compliance: Banxa provides regulated payment channels for businesses, allowing users to safely use cryptocurrencies.
• Optimized user experience: Through Banxa's diverse solutions, users will be able to purchase and store funds on MetaMask more easily, and the simplified usage process will also benefit newcomers entering Web3.

Lorenzo Santos further elaborated:

This is what I seek and prioritize, a win-win-win situation. Users have a simpler experience, service providers have more transaction volume, and MetaMask has more active users.

Previously, Banxa rapidly expanded its business at the end of last year, announcing strategic partnerships with other crypto teams in the DeFi field such as dYdX, ZenGo, and 1inch, aiming to bridge Web3 with the real world in terms of payments.