Transak, a leading Web3 payments infrastructure provider, has officially launched wire transfers as a new payment method for US users to purchase cryptocurrencies.
The introduction of wire as a payment method to purchase cryptocurrencies is a notable step towards enhanced accessibility and convenience for cryptocurrency enthusiasts across the nation.
Transak is the first and currently the only fiat-to-crypto on-ramp to offer this payment method, setting a new standard for user choice and flexibility.
Transak has introduced wire transfers to provide more versatile payment methods, thereby improving the overall user experience. Transak aims to support universal accessibility across various currencies and payment types, ensuring that every user can find a convenient method to engage in crypto transactions. For many US users, wire transfers are synonymous with bank transfers, making this addition a natural fit for their financial habits.
Notably, wire transfers through Transak have already demonstrated their appeal for high-value transactions. Compared to other payment methods on the platform, wire transfers have a 16x higher average order value, with a minimum order requirement of $2,000. This distinction highlights the potential for wire transfers to facilitate substantial investments in cryptocurrencies.
Since the introduction, wire transfers have garnered considerable interest among Transak's partner network — with 13 partners onboarded including Binance.US.
One of the most compelling aspects of wire transfers on Transak is their cost-effectiveness. With a fee of just 1%, wire transfers offer a significantly more economical option compared to other US payment methods such as credit cards and Apple Pay.
Transak has ensured that wire transfers are readily available to a broad spectrum of US users. Anyone who has completed level 2 KYC verification on the platform can access this payment option and purchase cryptocurrencies worth upto $25,000 daily, provided they meet the minimum transaction threshold of $2,000.
Why Transak is the Only On-Ramp Supporting Wire Transfers
Navigating Complex Processes
Implementing wire transfers for cryptocurrency transactions involves intricate processes, from handling bank transfers to ensuring accurate fund reconciliation. This is far from a streamlined task and requires a robust and lengthy product development cycle. Transak has invested significant time in building a comprehensive system that ensures smooth fund flow, demonstrating its commitment to providing a seamless user experience.
Preferred for High-Value Transactions
Bank transfers are often the preferred choice for high-value transactions due to their secure nature and user familiarity. Data from Transak's UK operations show that bank transfers achieve four times the transaction volume compared to other methods like cards and Apple Pay. Recognizing this, Transak has introduced wire transfers in the US, offering users a reliable and familiar payment method.
Tailored Geographic Expansion
In line with Transak's strategy to expand geographically, the introduction of wire transfers is a thoughtful addition. It caters specifically to regions where this payment method is widely accepted and convenient for high-value transactions. This move aims to make large transactions simpler and more cost-effective for users, aligning with Transak's goal of broadening its payment options.
High Intent and Enhanced Security
While all payment methods come with strong security measures, wire transfers are particularly secure due to the high intent required. The multi-step process of adding beneficiaries, sending funds, and approving transactions adds layers of verification. This complexity not only makes the method more secure but also significantly reduces the risk of fraud.
"Being the first to offer wire transfers for crypto purchases is a significant milestone for Transak. This achievement reflects our commitment to innovation and providing our users with more convenient and secure payment options. We're thrilled to lead the way in expanding accessibility and enhancing the user experience in the crypto space." - Yeshu Agarwal, Co-Founder, Transak.