Transak, a prominent Web3 payments infrastructure provider, has introduced wire transfers as a new payment method for US users to purchase cryptocurrencies. This new addition enhances accessibility and convenience for cryptocurrency enthusiasts across the nation.
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Pioneering Wire Transfers for Crypto Purchases
Transak is the first and currently the only fiat-to-crypto on-ramp to offer wire transfers, setting a new standard for user choice and flexibility. By introducing wire transfers, Transak aims to provide more versatile payment methods, thereby improving the overall user experience. This move supports universal accessibility across various currencies and payment types, ensuring every user can find a convenient method to engage in crypto transactions.
High-Value Transactions Preferred
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Wire transfers have already shown their appeal for high-value transactions on Transak. Compared to other payment methods, wire transfers have a 16x higher average order value, with a minimum order requirement of $2,000. This feature highlights the potential for wire transfers to facilitate substantial investments in cryptocurrencies.
Since the launch, wire transfers have garnered significant interest among Transak’s partners, with 13 partners onboarded, including Binance.US.
Cost-Effective Payment Method
One of the most attractive 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.
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 up to $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. 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.
About Transak
Transak is a leading Web3 payments infrastructure provider, recognized for its compliance and extensive reach. Serving over 5 million users in 160 countries, Transak supports 350+ platforms, enabling seamless purchase and sale of digital assets through its API-driven fiat-crypto on/off-ramp, NFT checkout, and solutions that streamline KYC, compliance, payment methods, and customer support.
Headquartered in Miami, US, and incorporated in Delaware, Transak operates a tech hub in Bengaluru and has offices in London, Milan, Dubai, and Hong Kong.
For more information, visit transak.com or follow us on X and LinkedIn.
