FTX Pay is a service provided by the FTX Crypto Derivatives Exchange designed to let merchants receive payments in cryptocurrencies, fiat currencies, or both.
Store or app owners can accept payments from customers using the payment methods supported by the FTX brand.
Before diving into the details of FTX Pay, there are a few important points to clarify:
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FTX has announced that it will move FTX Pay exclusively to the FTX United States platform.
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For now, existing FTX Pay applications on FTX International remain usable, but new applications must be created on the FTX US platform.
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This article does not provide investment advice and is intended for informational purposes only.
With that established, let’s look at how FTX Pay works.
Integrating FTX Pay as a Merchant
There are two main ways to integrate FTX Pay into a project:
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CREATE AN APP: This allows merchants to receive payments from anyone with an FTX account. Note that the subaccount used to create the app is where funds will be received.
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SET UP PAYMENTS: This method lets a merchant enable payment options that allow anyone to pay using external wallets, which is useful for DeFi projects.
Using the SET UP PAYMENTS option, a merchant must configure several settings within the FTX US web app to integrate FTX Pay into their website.
Merchants can set a fixed amount or allow the customer to choose the payment amount. They can also allow the customer to choose the currency the merchant will receive.
Two main fields merchants can configure are:
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Currency;
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Wallet type.
They may also offer the option for customers to leave a tip.
Supported cryptocurrencies on FTX Pay currently include:
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TrueUSD (TUSD/USD)
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USD Coin (USDC/USD)
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Paxos Standard (USDP/USD)
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Binance USD (BUSD/USD)
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HUSD (HUSD/USD)
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Bitcoin (BTC/USD)
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Tether (USDT/USD)
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Ethereum (ETH/USD)
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Bitcoin Cash (BCH/USD)
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Litecoin (LTC/USD)
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PAX Gold (PAXG/USD)
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Compound USDT (CUSDT/USD)
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Solana (SOL/USD)
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Wrapped USD Coin (WUSDC/USD)
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Chainlink (LINK/USD)
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Yearn.Finance (YFI/USD)
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Sushi (SUSHI/USD)
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Uniswap (UNI/USD)
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Basic Attention Token (BAT/USD)
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Wrapped BTC (WBTC/USD)
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Dogecoin (DOGE/USD)
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Brazilian digital token (BRZ/USD)
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TRON (TRX/USD)
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The Graph (GRT/USD)
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Dai (DAI/USD)
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Maker (MKR/USD)
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Aave (AAVE/USD)
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Matic (MATIC/USD)
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Paxos Standard (PAX/USD)
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Shiba Inu (SHIB/USD)
Supported wallet types include:
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ARBITRUM
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BCH
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BCHA
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BEP2
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BSC
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BTC
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DOGE
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ERC20
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ET
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HECO
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LTC
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MATIC
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SOL
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TRX
After the merchant makes their selections, they receive a snippet of HTML code to copy and paste into their website’s source code.
Making a Payment as an FTX Pay Customer
Imagine you run an e-commerce site and want to sell a product or service priced at $10. Here’s how the purchase would proceed from the buyer’s perspective.
- Step 1: FTX Pay provides a button labeled “Pay with FTX” that merchants can embed directly on their website.
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Step 2: The site visitor clicks the button and is prompted to create an account if they do not already have one. Existing users can simply log in.
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Step 3: If the user has no funds, they will be asked to deposit the required amount (for example, $10). First-time FTX users must also provide identity information as part of KYC verification before sending payments.
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Step 4: Next, the user can add funds via credit card, ACH, or other supported options, or pay directly with cryptocurrency by selecting “add funds.”
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Step 5: When the user chooses a cryptocurrency to deposit, FTX Pay provides a deposit address and a QR code the user can copy or scan.
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Step 6: The user selects the currency and blockchain network supported by the merchant and enters the amount of crypto to use. For example, the buyer might choose USD Coin (USDC) on the Solana blockchain and enter an amount of 3 USDC.
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Step 7: After the deposit is completed, the user clicks “Send” to finalize the payment.
FTX Pay Partnerships
FTX has partnered with multiple companies to provide a wide range of payment options and improve user experience.
Key partners include:
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Sonar
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Metaplex
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Moondrops
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Phantom
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Sollet.io
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TSM.GG
Conclusion
FTX Pay gives merchants a practical way to accept cryptocurrency tokens as payment on websites, apps, and in stores while enabling FTX US users to spend tokens from their digital wallets. This development advances the usability of crypto payment options by creating a streamlined, customizable process that allows merchants to set display names, logos, currency preferences, wallet types, and tipping options.
The general flow for adding crypto payments with FTX Pay is straightforward and flexible, making it easier for businesses to offer crypto as a payment method.