US customers can now buy or sell cryptocurrencies at MoonPay using Discover cards, giving them another opportunity to invest in cryptocurrencies. By integrating Discover into a list of supported services that already includes Visa and Mastercard, MoonPay has made it possible for customers to process their transactions using any card from the three largest payment providers in the United States.
This new update focuses on simplifying cryptocurrency payments rather than just adding additional payment buttons. Card networks are still one of the most important intermediaries between traditional finance and cryptocurrencies, and when there are more payment methods, it becomes easier for new buyers to move in.
like com.MoonPay It says it works with more than 30 million customers in 180 countries, facilitating payments for more than 500 wallets, exchanges and apps, including eligible users in the US with Discover cards.
Discover complements MoonPay’s major card lineup in the US
discovers It’s now part of MoonPay’s suite of payment methods which already includes Visa, Mastercard, Apple Pay, Google Pay, PayPal, Venmo, bank transfers and local payment options.
“Every payment method we add removes the reason why someone won’t convert at checkout,” said Richard Harrison, vice president of banking and payments partnerships at MoonPay. Claudia Schiffer, Vice President at Discover Global Network, noted that this partnership allows people to have more choices when it comes to payment.
The addition is particularly interesting, given that Discover’s approach to cryptocurrencies is much more cautious than that of Visa and Mastercard. While the two large companies have spent years developing cryptocurrency software, partnerships with exchanges, and stablecoin projects, Discover has been a small player in the space.
Although Discover may be smaller than any of its competitors, it still serves millions of cardholders, which will allow MoonPay to tap into a new pool of potential cryptocurrency customers.
Network support still does not guarantee approval
The introduction of Discover into MoonPay’s payment process does not mean that cryptocurrency transactions can be processed using all Discover credit cards.
Cryptocurrency payments, such as Visa and Mastercard transactions, are subject to the policies of the issuing bank. Whether it is banks or any other financial institutions, they have to choose whether or not they want to process a transaction involving cryptocurrencies with their own independent risk, fraud defense, and compliance policies. Hence, two customers using Discover cards from different banks could be treated differently when making a purchase.
MoonPay does not announce approval or rejection ratios for each card network, which complicates the comparison of Discover’s performance with Visa and Mastercard. While integration means improving technical capabilities, decisions still rest with the issuing banks.
Broader payments strategy
The launch also occurs as Discover begins a new chapter as Capital One’s acquisition of Discover Financial Services creates one of America’s largest integrated card issuing and payment network companies.
Meanwhile, MoonPay is growing its business from basic fiat-to-crypto transactions to a more complex enterprise, including the recent launch of Moon Bay Agents Which leverages artificial intelligence to create autonomous wallets and execute transactions. According to MoonPay, the company finally turned cash flow positive in 2024 after posting double-digit profits compared to 2023, proving the growing demand for its payment solutions.
The Discover integration is not a huge change in cryptocurrency adoption but a step towards making it more mainstream. Accepting Visa, Mastercard and Discover in just one payment is intended to allow more people to use cryptocurrencies. As competition increases in the regulated sector, an increase in payment methods can be as valuable as creating a new blockchain solution.
