About Crypto.com Pay
Crypto.com is a well known name in the cryptospace with their crypto exchange that currently has over 50 millions users. Besides an exchange, crypto.com expanded their services towards credit cards, crypto wallets and also a crypto payment gateway. All in order to achieve their mission: “to accelerate the world’s transition to cryptocurrency”.
Their payment gateway works great for very competitive fees. However, there are also some important limitations. Read our full Crypto.com Pay review below.
Crypto.com Review scores
Ease of setup
Crypto.com Pay has one of the more attractive fees as they do not charge any transaction fees. They do however charge 0.5% in settlement fees and 1% in payout fees, which are not as clearly communicated. Finally, only selected merchants are currently able to receive payouts in fiat. Overall, the total fees are still competitive, including their more hidden fees.
Crypto.com actually delivers two types of crypto payment methods.
- The first being the option for crypto.com users to complete their purchase using their crypto.com app and balance.
- The second option enables, after a merchant activates this, customers to pay with well known external wallet connection like Metamask and Walletnow.
The first option works very smooth, is competitive in fees and is safe. There is one obvious drawback, if the customer is not one of the 50 million crypto.com users, he or she will not be able to pay.
This is likely the reason for crypto.com Pay also providing the option for merchants to enable these external wallet connections. We do not recommend activating these external wallets as this can harm the safety of your own customers, as you can read in our safety blog.
Besides this, crypto.com Pay delivers an invoicing system and volatility protection as every purchase will be automatically converted to a pre-defined currency, which can include fiat.
Crypto.com Pay enables merchants to accept over 30 different cryptocurrencies. Some of the bigger cryptocurrencies that can be accepted are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- USD Coin (USDC)
- Ripple (XRP)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
Crypto.com also accepts their own native token called Cronos (CRO). Noteworthy is that two major cryptocurrencies are missing: BNB and Binance USD (BUSD). Respectively, these are the number 5 and 7 biggest cryptocurrencies in existence. Both coins belong to a competitors exchange called Binance, which could explain their absence.
Ease of setup
Finally, it is also possible to integrate the crypto.com payment gateway using their API connection
Frequently asked questions
Crypto.com Pay is a robust crypto payment gateway provided by Crypto.com. It offers a convenient solution for merchants to accept payments in over 30 different cryptocurrencies. With Crypto.com Pay, merchants can expand their customer base and tap into the growing crypto market by offering cryptocurrency payment options alongside traditional payment methods.
Yes, Crypto.com Pay is a reputable and safe payment gateway. Crypto.com is a well-known and established brand in the cryptocurrency industry, offering a range of services including an exchange, crypto wallets, and credit cards. They prioritize security measures to protect user funds and have implemented industry-standard security practices.
Integrating Crypto.com Pay into your website or online store is a straightforward process. Crypto.com provides pre-built integrations for popular platforms such as Shopify, WooCommerce, Magento, and others. Merchants can follow the provided documentation and guides to seamlessly integrate the payment gateway within minutes.
Crypto.com Pay offers two main payment methods to facilitate transactions. The first method allows users of the Crypto.com app to complete their purchases using their app and crypto balance. This method provides a smooth and convenient experience for existing Crypto.com app users, as they can directly utilize their funds without additional steps.
The second method involves enabling external wallet connections, such as Metamask and Walletnow, for customers to make payments using their preferred wallets. This option broadens the reach of Crypto.com Pay beyond existing app users, allowing merchants to cater to a wider customer base. Additionally, Crypto.com Pay provides an invoicing system and offers volatility protection by automatically converting purchases to a pre-defined currency, which can include fiat, mitigating the impact of price fluctuations during transactions.
A: Yes, Crypto.com Pay requires KYC (Know Your Customer) verification during the registration process. To use Crypto.com Pay, users are asked to provide their full legal name, a picture of a government-issued ID (such as a passport, national ID, or driver’s license), and a selfie. The KYC process is conducted within the Crypto.com app, and users are advised not to send the required information via email or any other communication method.
Once the information is submitted, the verification process begins, which is reviewed by the Crypto.com team. The verification process is case-by-case and can take anywhere from a few hours to a couple of business days, depending on factors such as the user’s country, nationality, and the quality of the submitted documents. If the verification process takes longer than three business days, users can contact Crypto.com’s support through the in-app chat for further assistance.
It’s important to follow the instructions provided by Crypto.com and only provide the requested personal information. The verification process ensures compliance with regulatory requirements and helps maintain a secure environment for users. Once the verification is approved, users can proceed to buy, sell, store, send, and track cryptocurrencies, as well as utilize features like Crypto Earn and Crypto.com Pay.
Crypto.com Pay is headquartered in Singapore, located at 1 Raffles Quay, 09 06. In addition to its Singapore headquarters, Crypto.com also has office locations in:
- Dublin, Ireland
- San Ġiljan, Malta
- London, United Kingdom.