E-commerce platform provider WooCommerce is partnering with DePay, a decentralized-payment processor, to enable its sellers to accept cryptocurrency directly to a crypto wallet for immediate settlement. Intermediaries that credit the merchant’s account after processing a crypto transaction would be eliminated. DePay supports tens of thousands of cryptocurrency tokens and their corresponding blockchains, while providing on-the-fly conversion, the company says.
Founded in 2020 in Switzerland, DePay says it works with all exchangeable cryptocurrency asset classes to increase the number of available cryptocurrencies and tokens eligible for payment. In June, the company struck a similar deal with e-commerce platform provider Shopify Inc..
WooCommerce, an open-source e-commerce plugin for the WordPress online utility, is estimated to have more than 1.5 million sellers on its platform worldwide.
“DePay makes … crypto payments as straightforward as possible for merchants and their customers, without requiring a custodial approach,” David Lockie, Web3 lead for WooCommerce parent Automattic Inc., says in a prepared statement. “We wanted to offer WooCommerce merchants a wide range of crypto-payment providers and were instantly impressed by DePay’s flexibility across chains and coins.”
DePay’s payment solutions include payment processing, various payment subscriptions, tokenized payrolls, and associated loans. To ensure the lowest-cost transactions, DePay says it routes payments through the least-costly exchange in real-time.
“WooCommerce is the best way for merchants to run their shops without intermediaries,” DePay founder Sebastian Pape says in a prepared statement. “With the launch of DePay Payments for WooCommerce, this now also applies to payments.”
In related news, crypto payments solutions provider Airswift announced Tuesday the launch of Airswift Connect, a payment gateway that integrates with merchants’ online stores to enable cryptocurrency acceptance. Airswift Connect settles crypto transactions in stablecoins or fiat currencies. Merchants can use the Airswift Connect plug-in on the Shopify or WooCommerce e-commerce platforms or customize their online checkout by using Airswift Connect’s application programming interface. To encourage merchant adoption, sellers signing up for Airswift Connect by Dec. 31 will not be charged transaction fees for 90 days, the company says.
Read More: WooCommerce Partners With DePay; Airswift Launches a Payment Gateway – Digital Transactions