Cash App and MoonPay Team to Offer Crypto Purchases
MoonPay says it is the first/only platform offering Cash App Pay for digital asset purchases.
That means eligible U.S. customers can now use their Cash App balance to buy digital assets on MoonPay and via select partners on its network, the company announced Tuesday (Aug. 18).
“Cash App is where tens of millions of Americans already manage their money,” Ivan Soto-Wright, CEO and co-founder of MoonPay, said in a news release.
“This integration means that those users can access the digital asset ecosystem, funded instantly from an app they already know and trust. We couldn’t be more excited to partner with Cash App to make that a reality.”
The company argues that trust is tied to MoonPay’s “regulatory depth,” as it holds a BitLicense and a New York Limited Purpose Trust Company Charter from the New York Department of Financial Services, alongside MiCA authorization in the European Union and registrations in the U.K., Australia and Canada.
Once linked, customers can make purchases with Cash App Pay without leaving the “MoonPay buy flow, with no redirects, no re-authentication, just one tap checkout,” the release added. Cash App Pay is also live with partners on MoonPay’s network, such as Trust Wallet, Bitcoin.com, MetaMask, Moonshot, Ledger, BitPay, Uniswap, Tangem, LOBSTR and Edge.
“We’re proud to bring Cash App Pay to MoonPay and offer our customers a seamless, familiar payment experience at checkout,” said Morgan Kuntze, Global Partnerships lead at Block, Cash App’s parent. “While bitcoin remains at the core of our digital asset strategy, we want to give customers choice and flexibility wherever and however they choose to pay.”
A PYMNTS Intelligence report, “From Asset to Everyday Money: Making Digital Currencies Spendable,” shows consumers are increasingly interested in using cryptocurrencies and stablecoins for purchases. However, acceptance, trust and uneven payment experiences mean their choices are limited.
The report, published in July, charted a way forward, with linked cards, instant conversion and modern issuer-processing systems connecting digital assets to the payment tools already used by consumers and merchants.
“Familiar apps could provide the front door. According to the report, 77% of consumers said they would open a crypto or stablecoin wallet through an existing banking or FinTech app,” PYMNTS wrote recently.
“That figure suggests banks and FinTechs don’t need to persuade customers to enter an unfamiliar financial world. They can add digital asset capabilities to relationships that already carry trust. For providers, the opportunity lies in making access feel like an extension of mobile banking rather than a separate crypto exercise.”
