Until Metamask’s latest update, if you wanted to buy a cryptocurrency, you need to transfer Ethereum first into its app. Now, through the integration, iPhone and Apple pay users can simply use their debit and credit cards.
“We wanted to expand the way in which users can convert crypto within the app itself and not have to leave it,” shares ConsenSys director of communications James Beck.
The update for iOS makes use of two payment gateways: Wyre and Transak. The two payment gateways will serve as “vendors” who would then process and support the user’s debit and credit card transactions.
Basically, Mastercard or Visa holders whose cards are connected with Apple Pay may now buy ETH directly on their phone. However, as of now, MetaMask set a limit of up to $400 worth of deposits daily on Wyre payments API.
With Transak, users have can now purchase stablecoins such as USDT, DAI, and USDC directly on the Ethereum mainnet. MetaMask’s latest update also allows users to do bank transfers and use credit/debit cards to purchase crypto with 60 listed fiat currencies.
Above all, gas fees for such transactions are lower than usual. Also, if a specific transaction on Metamask is from a private blockchain, there is a possibility for it to be gasless.