Wert, a payment solution provider enabling fiat payments in Web3, has enhanced the capabilities of its NFT checkout tool, backed by WorldPay of FIS. The upgrade sees the tool virtually approve the purchase of NFTs with fiat forms of payment like credit cards.
Following reports that 50 per cent of fiat-crypto transactions fail due to user location, and merchant size, among other reasons; Wert revealed its upgraded NFT tool which offers a 95 per cent payment approval rate for fiat transactions in Web3.
Wert’s solution differentiates itself by utilising a different merchant category code to ensure a higher approval rate. Its high approval rate for fiat payments like credit cards ensures that more customers can buy successfully NFTs.
Businesses can offer Web3 products to a wider range of customers with the enhanced NFT checkout tool, without compromising user experience caused by 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.
Mass adoption of NFTS ‘will happen quickly’
George Basiladze, CEO and founder of Wert, explained the need for the checkout solution. Basiladze said: “We’ve always believed that mass adoption of NFTs will happen quickly when neatly placing blockchain technology ‘under the hood’.
“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.”
Wert was founded in 2020 and offers a seamless credit card checkout experience when buying NFTs directly from smart contracts. For Web3 projects, Wert looks to provide industry projects, from NFT marketplaces to DAOs, the ability to offer a more consumer-friendly approach to purchasing digital assets through fiat currency.
Nabil Manji, head of crypto at WorldPay, also commented on the enhanced solution. Manji said: “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.
“As Worldpay from FIS enhances its focus on the NFT sector, we look forward to an ongoing and strong partnership with Wert.”