We want to inform you of an important change regarding the upcoming migration of the Polygon network from MATIC to the new POL token.
As per the recent announcement by Polygon (read the official announcement here), this migration will affect all chains that support the MATIC token on Polygon, Ethereum, and Polygon zkEVM.

Here's what you need to know about how this change impacts your integration with Transak.

๐Ÿ”„ Migration Overview:

๐Ÿ—“๏ธ Migration Date: Starting September 4th, 2024, MATIC will be replaced by POL as the native gas token on the Polygon network.

โ†ช๏ธAutomatic Conversion: For MATIC holders on the Polygon network, your MATIC will automatically convert to POL at a 1:1 ratio. No action is required from MATIC holders.

๐ŸคTransak's Integration: Since we currently list MATIC on the Polygon chain only, the changes will apply specifically to the Polygon network.

๐Ÿ“… On-Ramp Timeline:

TimelineDescriptionAction Required
4th Sep 2024, 12 PM UTCPOL token will be listed on Transak.Prepare for the transition as mentioned below for seamless migration.
4th Sep 2024 โ€“ 4th Oct 2024, 11:59 PM UTCOnly POL tokens will be supported from 4th Sep.
(query params support will be there for MATIC till 4th Oct).
**Users can place orders for both MATIC and POL tokens. However, from September 4th onwards, MATIC will be discontinued, and all orders will be fulfilled with POL on the Polygon on-chain.
4th Oct 2024, 12 PM UTCMATIC will be delistedPartners should transition to the POL token before 4th Oct 2024.
Integrations should be completed by then to change the query params, APIs, webhooks and websockets from MATIC to POL in cryptoCurrencyList, cryptoCurrencyCode and defaultCryptoCurrency

๐Ÿ“… Off-Ramp Timeline:

TimelineDescription
4th Sep 2024, 12 PM UTCWe support POLfor off-ramp effective from Sep 4th, 2024. and MATIC token will no longer be supported.

We are committed to ensuring a smooth transition and are here to support you during this change. Please reach out to your Transak account manager if you have any questions or need further assistance.

Thank you for your continued partnership! ๐Ÿ˜Š

Transak becomes the first global on-ramp to enable Wire transfers

Starting today, all the 350+ partners using Transak can provide US users with greater flexibility and convenience of seamless fiat-to-crypto on-ramp using Wire.

Key Highlights โšก๏ธ

๐Ÿ“ฒ New Payment Method: Wire transfers for transactions over $2,000.

๐Ÿ’ธ Lower Fees: Only 1%, making it more affordable than other options.

๐Ÿ”ผ Higher Daily Limit: Users can buy up to $25,000 worth of crypto daily.

๐Ÿ” Enhanced Security: Available for users with level 2 KYC verification.


โš™๏ธDevelopment Guide

To enable wire transfers for your widget, simply add the query parameter pm_us_wire_bank_transfer.

For the full details, check out our payment methods guide


Wire Transfer vs. Other Payment Methods in the US ๐Ÿ‡บ๐Ÿ‡ธ

Payment MethodFeeProcessing TimeDaily LimitKYC Level RequiredAverage Order ValueKey Features
Wire Transfer1%Up to 3 business daysUp to $25,000Level 2High (16x other methods)Ideal for high-value transactions, cost-effective, and secure.
Credit Card4.5%InstantUp to $2,500Level 1ModerateQuick and convenient, suitable for lower-value transactions.
Apple Pay3.5%InstantUp to $2,000Level 1ModerateConvenient for iOS users, seamless integration with Apple devices.
Google Pay3.5%InstantUp to $2,000Level 1ModerateEasy to use for Android users, supports multiple currencies.
Bank Transfer1.5%1-3 business daysUp to $5,000Level 2HighSecure, suitable for large transactions but slower than other methods.

๐Ÿ‘

Summary

Wire transfers offer a significant advantage for users looking to make large cryptocurrency purchases. With lower fees, higher daily limits, and robust security measures, Transak's new payment method is designed to streamline and enhance the user experience.


As part of our ongoing efforts to optimize our services and comply with industry standards (Binance announcement), we are announcing a significant update to our platform.
Starting July 10, 2024, at 05:30 AM UTC, Transak will no longer support BNB (mainnet) and BAT Tokens on the BNB Beacon Chain, as Binance is set to deprecate its Beacon Chain and merge it with the BSC Chain.
This change applies to all our On-ramp and Off-ramp products.

Impact of Change:ย ๐Ÿ’ฅ

๐Ÿ”’ BNB and BAT will not be available for transactions (both buying and selling) on the BNB Beacon Chain network through Transak.
๐Ÿ“ Users are advised to complete or cancel any pending transactions involving the mentioned tokens.
๐Ÿšซ Any attempts to transact with BNB or BAT on the Beacon Chain will not be processed.

Action Required:ย ๐Ÿšจ

We urge all our partners and users to update their systems accordingly to ensure a seamless transition.

Please remove or disable BNB and BAT options on your platforms for the BNB Beacon Chain network to prevent any user inconveniences or transactional errors.

Support and Queries:ย ๐Ÿค

We understand that changes like these can be challenging. Our team is here to assist you in making this transition as smooth as possible. For any queries or assistance, please do not hesitate to reach out to us atย [email protected].

We appreciate your understanding and cooperation as we continue to evolve our platform to better serve your needs. Thank you for your continued partnership and trust in Transak.


We have now enabled Mastercard payouts in the United States!

Users in the US region can now experience seamless Off-Ramp capabilities via Mastercard, expanding our payment options for your connivence.

What's New:

๐Ÿ’ณ Mastercard Payouts
Along with Visa, we now support crypto Off-Ramp payouts directly to your Mastercard.

๐Ÿš€ Enhanced Convenience
Enjoy faster, smoother transactions with Mastercard, ensuring a seamless Off-Ramp experience.

How to Use:

Step 1Step 2Step 3Step 4
๐Ÿ”‘ Log in to your Transak account.โžก๏ธ Navigate to the off-ramp section.๐Ÿ‘‡๐Ÿป Select Mastercard as your preferred payout method.โœ… Follow the on-screen instructions to complete your transaction.

Experience the convenience of Mastercard payouts today.


Get orders API just got an upgrade โžก๏ธ We've added a new filter query parameter for our API orders: filter[walletAddress].

This new addition allows you to search API orders based on the wallet address, making it easier to find specific transactions.

What's New?

โ†“ Filter Parameter: Added filter[walletAddress] for API orders.

๐Ÿ”Ž Search by Wallet Address: Easily search and filter orders using the wallet address.

โœ… Improved Order Management: Simplifies the process of finding specific transactions based on wallet information.

For more details, check out our documentation.


We are excited to announce the launch of our new tool, the Transak Query Parameters Generator, available on our website at Query Params Generator .

Play around with the parameters to test how you can completely customise the widget to work the way you want.

This tool is designed to help you experiment with various query parameters in a controlled sandbox environment.

It also offers detailed insights into our features, such as skipping the flow and customising the widget using our White label integration approach.

Experiment with different query parameters in an interactive sandbox environment to gain comprehensive insights and a deeper understanding of their capabilities, enabling easy customisation and faster onboarding, while accessing all supported fiat currencies and cryptocurrencies through our integrated APIs.

*Coming ๐Ÿ”œ NFT Checkout and Transak One


Introducing New Filtering and Search Capabilities

We're excited to unveil a set of powerful new filters designed to streamline your experience with the Transak partner dashboard.

With our latest update, you can now filter and search with greater precision, making it easier than ever to find the information you need in just a few clicks!

โœ… What's New?

โšก๏ธNew Filters๐Ÿค How will it help?
๐Ÿ” Search by Order ID and Wallet AddressSay goodbye ๐Ÿ‘‹ to searching for that one transaction from a lengthy list.
Enter the Wallet Address or Order ID to our newly added search widget and get the exact matches in just a few clicks.
โณ Filter by Order StatusWe've now added a dropdown menu that allows you filter orders based on their status. ๐Ÿ“Š
๐Ÿ’ต Filter by Fiat CurrencyNow quickly find your On-Ramp and Off-Ramp orders with based on the Fiat. ๐Ÿ’ฑ
๐Ÿš€ Filter by Crypto and NetworkSelect multiple cryptos and networks from the dropdown menus to find specific currencies and networks efficiently. ๐ŸŒ

Experience the ease of enhanced filtering and search features with this latest update.

Find what you need, when you need it, with greater speed and accuracy. โšก๏ธ

Are you looking to place a high order value from Transak?
Then this feature is for you. Transak has introduced a feature - Transak Whale to fulfil the request of HNIs and Corporates to process orders with higher transaction limits.

Key Features:

Orders with higher transaction limits enables a new flow โ€œContinue to Transak Whaleโ€ (i.e 200K GBP)


User details are collected to seby clicking the CTA button. An automated email will be sent to guide you through the next steps.

This feature supports On/Off Ramps through Bank Transfers.

On Ramp:

Payment methodCurrency
SEPAEUR
FasterGBP
Open BankingGBP
WireUSD

Off Ramp:

Payment methodCurrency
SEPAEUR
FasterGBP

Transak is at the forefront of enabling users worldwide to place orders using the USD fiat currency, thereby breaking down barriers and fostering financial inclusivity.

Bridging the Gap:

For users in regions outside the United Stateswho want to use On/Off Ramp in USD can often be a challenge due to the limited access. This feature allows users from the Transak-supporting countries to seamlessly interact with platforms utilising USD as their primary fiat currency.

The platforms integrating Transak's can benefit this by allowing users to transact in USDto expand their market reach through 170ย cryptocurrencies onย 75+ blockchains with 20+ local payment options.


Our partners can now simulate failed and refunded orders in the staging environment, allowing them to experience and handle negative scenarios.

How does this feature work?

Step 1:ย Add +refund prefix to test refund orders and +failed to test failed orders to your email address.

For Eg: If your Email address is [email protected] , then the refund and failed orders email should be of the below format:

Actual EmailRefund orders EmailFailed orders Email
[email protected][email protected][email protected]

Step 2:ย Complete payment using Card/Apple Pay/Google Pay or click on I Have Paid in the Transak order flow.

Step 3: Great! Now, the order will be either refunded or failed. The order status flow will then update to REFUNDED for the email address - [email protected] or FAILED for the email address - [email protected]

๐Ÿ’ก Hint:

Gmail Plus Addressing: In Gmail, you canย add a โ€œ+โ€ symbol and any word you want to the end of your email address, and it will still reach yourย inbox.