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James Carter

April 11, 2023

MetaMask Introduces New Payment Method

MetaMask, a widely used cryptocurrency wallet and developer of decentralized applications (dapps), has introduced a new feature that enables users to buy cryptocurrencies using fiat currency straight from within its Portfolio Dapp.

“In our ongoing quest to make MetaMask users’ lives easier, we are launching the Buy Crypto feature in Portfolio Dapp for an easy purchasing experience,” the wallet provider said. “The Buy Crypto feature in Portfolio Dapp will allow users to easily acquire cryptocurrency.”

MetaMask Introduces New Payment Method

According to the release, customers in 189 countries can access the service, although the variety of payment options that are available vary greatly depending on location.

Credit or debit cards, PayPal, instant ACH, and bank transfers are the payment options that are available. (Automated Clearing House).

According to MetaMask, “other payment methods will be added in the near future.”

When users of the MetaMask Extension choose the “Buy” option in the wallet, they will immediately be taken to the Portfolio decentralized application (Dapp).

The developers also mentioned that users only needed to “simply navigate to the Buy tab in the dApp, connect their MetaMask wallet, and load up with the cryptocurrency of their choice.”

Users have to choose their area, the payment method, the token they want to acquire, and the network they want to purchase it on after clicking on the ‘Buy’ button in the extension wallet. After that, they can proceed to make their purchase.

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There are currently more than 90 different tokens that can be purchased over eight different networks. These networks include Ethereum, Polygon, Optimism, Arbitrum, BNB Chain, Avalanche Contract Chain, Fantom, and Celo.

Once the token and the network have been selected, the user can proceed with the transaction by clicking the “Get Quotes” option, which will display all of the quotations from the various available providers. The user can then select one of the quotes to proceed, at which time they will be routed to the website of a third-party provider to finish the transaction.

According to the researchers, this is followed by the monies being deposited into the wallet.

MetaMask Introduces New Payment Method

MetaMask has stated that it has announced several key agreements over the course of the past year with the intention of simplifying the onboarding procedure. Some of these relationships include PayPal, MoonPay, Sardine, Banxa, and Onramp. Money, Mercuryo, and Transak.

In December 2022, the developer of the widely used cryptocurrency wallet, ConsenSys, made an announcement about a partnership with PayPal.

Users of the mobile version of MetaMask in the United States now have the ability to buy Ethereum (ETH) directly within the MetaMask app using the payment giant PayPal. This enables them to buy and transfer ETH from PayPal to their MetaMask wallets.

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Late in March of this year, MetaMask expanded its cooperation with payment startup MoonPay in Nigeria to allow users to buy cryptocurrency straight from their wallets. This was made possible by Metamask’s expansion into Nigeria.

Users in Nigeria now have the ability to buy cryptocurrencies via quick bank transfers within the MetaMask mobile app and Portfolio Dapp as a result of this development.

According to what ConsenSys stated at the time, the objective was to simplify the process for customers so that they could “obtain tokens more efficiently without setting up a crypto exchange account.”