Apple does not directly support crypto payments through its own platform, so transfers need to be routed via Wyre.
MetaMask recently touched over 30 million monthly active users
Photo Credit: GitHub/ MetaMask
Popular crypto wallet service MetaMask which runs on Web browsers like Firefox, Google Chrome, and other Chromium-based browsers has announced support for Apple Pay, allowing users to buy cryptocurrencies with debit or credit cards through the mobile app without the need of transferring cryptocurrencies from cryptocurrency exchanges. Since Apple does not directly support crypto payments through its own platform, MetaMask will route payments via Wyre, an exchange that offers crypto to fiat via API and integrates with Apple Pay. Apple Pay users can deposit a daily maximum of $400 (roughly Rs. 30,350) into their wallet using their Visa or Mastercards and the Wyre API.
MetaMask also uses the Transak payments platform to allow users to buy crypto with their credit or debit cards. However, those wishing to use either payment platforms must complete the KYC (know-you-customer) process.
Speaking to Cointelegraph, James Beck, Director of Communications and Content at ConsenSys said that the underlying idea behind the wallet's newest update 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."
As per a press release from mid-March this year, Metamask is one of the most popular cryptocurrency wallets around with more than 30 million monthly active users. Its browser extension provides easy access to Web 3 sites such as non-fungible token (NFT) marketplaces with very few clicks involved. Metamask also makes it easy to set up multiple addresses so you can hold your NFTs at an address that's separate from your cryptocurrency, or you can set up a single address for each NFT you purchase.
ConsenSys, the company behind Metamask, built a mobile application in 2020. Holdings sync flawlessly across the desktop and mobile versions of the wallet. The mobile application also includes a built-in browser for decentralised applications, or dApps and NFT marketplaces.
If you need to swap currencies to buy an NFT, Metamask has a built-in swap feature. You can also limit how much you pay in gas fees, though there's the risk of a transaction failing. If you need to use a different blockchain, Metamask offers support for alternative platforms.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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