Users of crypto wallet MetaMask are now a step closer to a smoother experience when buying cryptocurrency.
Thanks to an updated integration with fintech partners Banxa, MetaMask users can now buy Ethereum and other cryptocurrencies using Apple Pay’s “1-click” service. The two firms announced working together in February and today’s news is an update to the integration.
Of the eight different on- and off-ramp services linked with MetaMask, Banxa is the only one offering the “1-click” service.
“For this integration, it’s going to work for returning users,” MetaMask product manager Lorenzo Santos told Decrypt. “These are users that have already signed in and made an account with Banxa and have already completed KYC. It’s not getting rid of those steps entirely. It’s more about reducing friction on those second, third, and fourth purchases so that they go to that final step without having to redo anything else.”
When users turn to buy any crypto on MetaMask, they’re quoted a price across all the on-ramp services; this won’t change, outside of Banxa’s offering now including this speedier checkout process.
Other payment providers leverage Apple Pay, but there are considerably more steps involved in the implementation, said Santos. “It’s a little bit more cumbersome versus just selecting the quote, seeing the Apple Pay UI come up, do double-click face ID, and boom, a minute later, you have funds in your wallet.”
It may seem like a minor technical improvement, but in an industry riddled with user design friction, Santos is confident the service is a welcome addition. “It’ll go from like a few minutes to just a minute to complete the purchase,” said Santos.
As for Banxa, the move comes amid an uptick in users opting for more non-custodial options when diving into crypto rather than centralized alternatives.
“We’re seeing a lot of growth here, and it makes up a significant amount of our volume these days,” Banxa’s CPO Tom Chalmers told Decrypt, pointing to the growing popularity of decentralized payment alternatives. He added that the United States makes up a top market for the firm, followed by Germany, Canada, the UK, and the rest of Europe.
As for why Banxa is getting this special treatment, Santos explained that the firm “was just the most motivated provider this time around.”
Being motivated on this front may also come with a nice payout too. Per Santos, removing friction from any aspect of the crypto experience “leads to more users completing transactions.”
“These are the type of things that I look for, and that we prioritize for, that are win-win-win,” he said. “It’s easier on the user, which means more volume for the provider, which means more active users for MetaMask.”
At press time, the crypto wallet provider currently boasts 30 million active users, a stat that puts MetaMask head and shoulders above its competition.
