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FollowingU.S. users can now buy and sell cryptocurrencies on MoonPay through Discover cards
U.S. customers can now use Discover cards to buy and sell cryptocurrencies on the MoonPay platform, providing them with another new way to invest in digital assets. Building on its already support for Visa and Mastercard, MoonPay integrates Discover cards into its service list, allowing customers to complete transactions through any card from the three major payment service providers in the United States.
This update does not simply add a payment button, but aims to simplify the cryptocurrency payment process. Bank card networks remain one of the most important intermediaries between traditional finance and cryptocurrencies, and the more payment methods there are, the easier it will be for new buyers to take action.
According to MoonPay, the company serves more than 30 million customers in 180 countries and supports payment processes for more than 500 wallets, exchanges and applications, including eligible U.S. Discover card users.
Discover improves MoonPay's main U.S. card lineup
Discover now joins MoonPay's payment method portfolio, which previously included Visa, Mastercard, Apple Pay, Google Pay, PayPal, Venmo, bank transfer and local payment options.
Richard Harrison, vice president of banking and payments partnerships at MoonPay, said: "Each additional payment method eliminates a reason for users to abandon transactions at checkout." Claudia Schaefer, vice president of global networking at Discover, pointed out that this cooperation gives people more choices in payment.
Considering that Discover is much more cautious in the cryptocurrency field than Visa and Mastercard, this new cooperation is particularly interesting. Although the latter two giants have been vigorously developing crypto projects, partnering with exchanges, and launching stablecoin projects for years, Discover has always played a smaller role in this space.
While Discover may not be as big as its competitors, it still serves millions of cardholders, which will allow MoonPay to reach a new group of potential cryptocurrency customers.
Internet support still does not guarantee transaction approval
Including Discover into the MoonPay checkout process does not mean that all Discover credit cards can process cryptocurrency transactions. Like Visa and Mastercard transactions, cryptocurrency payments are subject to issuer policies. Whether it is a bank or other financial institution, it must decide whether to handle transactions involving cryptocurrencies based on its own risk policies, fraud prevention and compliance requirements. Therefore, two customers who use Discover cards issued by different banks may face different processing results when purchasing.
MoonPay does not publish approval or rejection rates for each card network, which complicates comparing the performance of Discover with Visa and Mastercard. Although integration means an improvement in technical capabilities, the final decision still lies in the hands of card issuing banks.
Broader payment strategy
This launch coincides with the opening of a new chapter in Discover-Capital One's acquisition of Discover Financial Services has created one of the largest integrated card issuers and payment networks in the United States.
At the same time, MoonPay's business has expanded from simple fiat currencies to cryptocurrency transactions to more complex enterprise-level services, including the recent launch of a MoonPay agent that uses artificial intelligence to create self-managed wallets and execute transactions. According to MoonPay, the company finally achieved positive cash flow in 2024, doubling profits compared to 2023, demonstrating the growing demand for its payment solutions.
Integrating Discover is not a major change in cryptocurrency adoption, but a step towards the mainstream. Accepting Visa, Mastercard and Discover in a single checkout process aims to allow more people to use cryptocurrencies. As competition intensifies in the regulated gold deposit channel space, adding payment methods is as valuable as creating new blockchain solutions.
