Uniswap launches credit card purchase feature! Integrated with MoonPay service, users can buy 7 types of cryptocurrencies

1/ Go direct to DeFi 🚄

Starting today, you can now purchase crypto on the Uniswap Web App using a credit/debit card or bank transfer at the best rates in web3 thanks to our partnership with @moonpay! 💸https://t.co/YVyk8e6d2h

— Uniswap Labs 🦄 @Uniswap December 20, 2022

Uniswap Supports Credit Card Purchases of Cryptocurrency!

Uniswap announced today that users can directly purchase cryptocurrencies on the Uniswap web app using credit cards, debit cards, and bank transfers. The current supported cryptocurrencies for purchase include DAI, ETH, MATIC, USDC, USDT, WBTC, and WETH.

MoonPay, a third-party payment company, is Uniswap's first partner for this service, allowing this feature to be available in over 160 countries and regions.

"Self-custody remains the safest way to participate in the crypto world. We aim to ensure that all current and future users can buy cryptocurrencies securely and reliably without relying on centralized intermediaries."

How to Use the New Feature?

This feature can be used on the Ethereum mainnet, Polygon, Optimism, and Arbitrum. After connecting their wallets, users can see the "Buy crypto" feature on the wallet interface.

Clicking on it will bring up the transaction screen, where users can choose to buy cryptocurrencies with various fiat currencies.

Next, users will need to log in or register for a MoonPay account to use credit card, debit card, and bank transfer payments.

Note: KYC process is required for the first-time registration with MoonPay.

Finally, the transaction order will be displayed, including the chosen payment method (in the image, debit card is used), the cryptocurrency sending address, and payment details. Once confirmed, clicking "Pay" will proceed with the transaction.

The above is the transaction process for Uniswap's new feature. However, in the payment details, besides network fees (Gas fees), an additional processing fee to MoonPay is required, which varies depending on the payment method.

Furthermore, due to the use of MoonPay's service, some functions are restricted. For example, bank transfers are only available in the U.S., Brazil, Single Euro Payments Area (SEPA), and most parts of the UK. Additionally, U.S. users cannot purchase WETH or WBTC. For more detailed regulations, please refer to MoonPay's Help Center.