The Paypal-owned mobile payment service Venmo has announced a partnership with MoonPay to enable Venmo users to transact cryptocurrencies.
he 60 million Venmo users can now buy and sell crypto on the MoonPay platform using Venmo balances, linked bank accounts, or cards. However, this facility is not available in New York and Texas.
Paypal hopes that this partnership will add a new use for the Venmo app and also provide MoonPay users with the safety and reliability of the Venmo app. This partnership has allowed MoonPay to expand its payment options across the United States.
This partnership is the next step in the integration of the services of MoonPay and Paypal. MoonPay co-founder and CEO, Ivan Soto-Wright said that the integration of the MoonPay app and the Venmo payment service is a natural step in building the best possible user experience.
Key Benefits
The partnership between Moonpay and the Venmo app gives many benefits to the users.
- Flexibility and choice: MoonPay offers users extensive payment methods such as Venmo balances, linked bank accounts, or cards.
- Variety in token support: MoonPay supports a variety of crypto tokens. Users can access and fund purchases on MoonPay with their linked Venmo account.
- Convenience and speed: The link between MoonPay and the Venmo payment service allows existing users to purchase cryptocurrencies fast. They do not need to set up additional accounts or enter new payment information to start the transactions.
- Seamless onboarding: For MoonPay users who do not already have a Venmo account, the onboarding process on the Venmo app is easy as MoonPay offers its users an option to easily onboard to the app.
- Safety: Users can enjoy the security provided by both Moonpay and Venmo, making their transactions doubly secure.
More About MoonPay
MoonPay is a US-based fintech organization that facilitates cryptocurrency transactions. On the MoonPay platform users can buy and sell cryptocurrencies and non-fungible tokens (NFTs) using fiat currencies. The payments are processed using the blockchain technology.
The MoonPay services are integrated with many of the cryptocurrency exchanges such as Coinbase and MetaMask. Users can transact through any payment method such as debit and credit card, local bank transfers, Apple Pay, Google Pay, and Samsung Pay.
Apart from facilitating crypto transactions, MoonPay also has specialized applications to facilitate NFT minting.
This facility is called HyperMint. MoonPay also ensures regulatory compliance of its users. All these services are offered in a non-custodial way.
More About Venmo
Venmo is a payment service platform that was formed in 2009 as a subsidiary of PayPal. It is available on both Android and IOS mobile devices. The services of Venmo are currently available only for users in the United States.
Venmo has partnered with MasterCard to provide debit card services to its users. With this card, users can access ATMs with a daily withdrawal limit of $400. Another use of the Venmo app is that it facilitates social interaction.
Payment information can be shared with your friends similar to any other social media channel.
Venmo claims that it gives tight security options to its users, though the claim is false according to many users and agencies.
A major drawback of the Venmo app is that it does not give adequate importance to the privacy of its users. All the transaction details except the amount are published on the Venmo platform.
This creates a huge amount of private details about the users available online, which fraudsters can collect and misuse. It was also in the news for violating certain consumer protection laws.
The Bottom Line
With this partnership between Moonpay and the Venmo payments service, Americans can now buy and sell cryptocurrencies from the comfort of their mobile devices.
This partnership provides comfort and security of transactions to cryptocurrency users in the United States. Users can make flexible transactions at high speed.
The partnership between MoonPay and the Venmo payment service is a new step towards Providing easy transaction facilities for crypto users. Now users can buy or sell cryptocurrencies even with their mobile devices.
