MetaMask Integrates With Payment Gateways On Its Mobile Wallet
MetaMask is adding integrations with payment gateways on its mobile wallet to increase options for buying crypto. It added updates on Tuesday for iPhone and Apple Pay users.
It has been reported that the main feature is the ability to buy cryptocurrency using a debit or credit card through the mobile application, eliminating the need to transfer Ether (ETH) from a centralized exchange like Coinbase into the application.
However, MetaMask uses two payment gateways Wyre and Transak to support debit card and credit card transactions. Users can now use their Visas and Mastercards stored in Apple Pay to buy ETH and deposit a daily maximum of $400 into their wallets, thanks to the Wyre API.
The report said that gas fees are reportedly lower, and according to MetaMask‘s updates, some transactions may even be gasless if done on a private blockchain or if a project pays for the gas on the user‘s behalf. When completing an ETH purchase, MetaMask discloses that it does not profit from gas fees.
Likewise, via Transak, it‘s possible to buy the stablecoins Tether (USDT), USD Coin (USDC), and Dai (DAI) on the Ethereum mainnet in MetaMask for some time now. The latest update allows users to make bank transfers and use credit/debit cards to buy crypto using over 60 global currencies.
United States users can also buy Fantom and Avalanche native tokens now, according to the company. Exact payment methods and fees vary depending on the location.
James Beck, the Director of Communications and Content at ConsenSys, said that the purpose of the updates is to increase accessibility and reduce friction.
“We wanted to expand the way in which users can convert crypto within the app itself and not have to leave it.”
He also revealed that more integrations that “maximize” options and “streamline” buying crypto are coming soon. MetaMask updated about another “important” security update when it comes to sending tokens. Unlike sending ETH simply to a recipient address, tokens are sent to a contract address with instructions included on how to send a specified amount of tokens to a recipient address.
Users can now “clearly see which contract is requesting” permission and label and save that contract.
Additionally, MetaMask has introduced the Apple Dark Mode feature as per popular demand. Beck claimed that “wen dark mode?” and “wen token” have been the most anticipated requests by their users. Dark mode will automatically enable in the app if a user‘s iPhone Operating System has dark mode enabled system-wide. The company tweeted that dark mode for the MetaMask Extension “is coming soon.”
Thus, recently, MetaMask acquired the Ethereum wallet interface provider MyCrypto to combine technologies and eventually merge MyCrypto with the MetaMask wallet to improve the security of all their products.