Wert, the payment solution provider enabling fiat payments in Web3, today announced that their powerful NFT checkout tool has been upgraded to virtually approve all NFT purchases with fiat forms of payment like credit cards.
Bridging the gap between traditional finance and decentralized finance (DeFi) tools by enabling fiat payments like credit cards in Web3 is seen as a primary way to onboard the next billion crypto users. However, just this month, it was reported that 50% of fiat-crypto transactions fail for reasons that range from user location to merchant size. By comparison, Wert’s upgraded NFT checkout tool, backed by FIS’ WorldPay, now offers a whopping 95% payment approval rate of fiat transactions in Web3.
Unlike competing products, Wert’s NFT checkout utilizes a different merchant category code to ensure the higher rate of approval. With a 95% approval rate for fiat payments like credit cards, more customers can now buy any NFT without their payments being declined, thus enjoying a familiar e-commerce payment experience in the Web3 space.
“We’ve always believed that mass adoption of NFTs will happen quickly when blockchain technology is neatly placed ‘under the hood,” said George Basiladze, CEO and Founder of Wert. “Until now, the credit card acceptance rate for crypto transactions has been low – as not all banks would accept or allow these transactions, resulting in consumers ‘not getting lucky’ and missing out on their purchases, leaving them feeling unreliable about the technology. But now the time has come to make NFT purchases no different from any other online purchase,”
By utilizing Wert’s NFT checkout tool, businesses can offer their web3 products to a wider range of customers without compromising user experience through poor payment infrastructure. Wert’s NFT checkout works in 198 countries and all 50 US states, and supports Visa, MasterCard and ApplePay payments, meaning that non-crypto users in those parts of the world can now purchase NFTs and onramp into the Web3 space more easily.
“Worldpay from FIS has been an innovator in the crypto payments space since 2013, and is delighted to have been selected by Wert to support their future growth. Wert offers a compelling proposition enabling the purchasing of NFTs directly with fiat, making NFTs more broadly accessible to everyday consumers,” continued Nabil Manji, Head of Crypto at WorldPay. “As Worldpay from FIS enhances its focus on the NFT sector, we look forward to an ongoing and strong partnership with Wert,”
Wert has been serving startups from crypto space (web3 natives) like Rarible, Mintable, Async Art as well as traditional brands like Ebay, owner of KnownOrigin Marketplace. Wert is not just a technology company or IT startup, it’s a virtual asset service provider (VASP) licensed in the EU and US. Because of that Wert can do what it does and on top offer crypto purchasing services as well.