San Francisco-based cryptocurrency firm Wyre announced the release of the Wyre V2 widget, claiming that it would be an on-ramp solution that will allow platforms to implement a checkout button for users to purchase crypto without necessarily submitting themselves to KYC/AML processes.
Instead, the widget is integrated with Apple Pay and Google Pay, so it uses the information that users previously provided to the tech giants to operate their payment services. There is a limit of $250 for the first purchase, but additional purchases will have a limit of $1,500. If users want to further increase their limits, they will have to provide additional documentation.
With this widget, users will be able to buy crypto in, reportedly, a minute or so from their phones or desktop browser. They only have to input the corresponding address and amount of tokens that are being bought, which can be bought with the addition of a service fee.
Wyre is currently charging transaction fees of 2.9% + $0.30 per transaction, but the system is aiming to offer lower fees in the future, similar to ACH transfers. Other outlets are reporting that Wyre is aiming to lower transaction fees to 1% by the end of the year.
At press time, Wyre V2 consists of two already available products: an Apple Pay/Google Pay checkout that can be implemented into web apps, and an Apple Pay/Google Pay button that can be white-labeled and embedded into web apps. A third product, a guide to white-label an Apple Pay or Google Pay button into a mobile app while using Wyre as a service provider, is also in the works and will be available at the end of the month.
The official announcement also states that meta transactions and push to debit functionalities are two features that will be added sometime in the future, which will further boost the crypto capabilities of smartphones.