The American crypto giant Coinbase has become part of the ever-growing mobile payments market.
Cryptocurrency exchange Coinbase has announced a partnership with Apple and Google on its blog. Coinbase Card holders will now be able to pay for goods and services with digital assets using the Apple Pay and Google Pay apps.
Coinbase stock reacted to the announcement with a rise of 3.45% to $ 244.71. Many cryptocurrencies are also showing growth. But it is not known for certain whether this is directly related to the announcement.
According to Coinbase, the partnership with Apple and Google will help popularize the financial instrument.
Coinbase: cashback for payments via Apple Pay and Google Pay services
Coinbase Card allows users to use Bitcoin and other crypto assets for daily purchases and cash withdrawals. The card has been available in Belgium and other European countries since last year. And customers from the United States are still on the waiting list. However, the company has stated that a few selected clients from the waiting list will be able to obtain maps for this week.
Note that the Coinbase Card is completely free for users of the cryptocurrency platform. It is also worth noting that the Coinbase Card doesn’t allow you to spend cryptocurrency directly. When paying using Apple Pay and Google Pay, the ript currency will be debited from the user’s Coinbase account and automatically converted into fiat money, credited to the merchant’s account. Installed conversion rates listed on the Coinbase website.
Exchange customers can pay with cryptocurrency at any store that accepts Visa cards. Also, the service can be used when withdrawing funds from an ATM.
In addition, Coinbase offers a cashback program for payments through Apple Pay and Google Pay services. 1% in Bitcoins or 4% in another cryptocurrency – Stellar Lumens.
Benefits of the card
Using the Coinbase Card with Apple Pay and Google Pay will make it even easier to make cryptocurrency payments in your daily life. According to the company, it will continue to create similar ways to popularize and promote the new financial instrument in society.
In addition, the company recalled that “using a Coinbase card to make purchases similarly to selling cryptocurrencies on the Coinbase stock”.
Coinbase made the offer following a decision by PayPal. Which said it would allow American consumers to use their crypto assets to pay for the services of millions of online merchants around the world, significantly expanding the use of digital assets in everyday commerce. The function of payment for goods and services for digital assets has been operating with the company since March 30.
Coinbase is claiming the benefits of its card over classic and security, through the use of Apple Pay and Google Pay tokenization to keep card information and make purchases safe.
Apple Pay and Google Pay services use a tokenization process, that is, they replace the details of the linked bank card with a random sequence of numbers. The use of a token allows you to make the payment process fast and secure.
Gemini, another US cryptocurrency exchange owned by the Winklevoss brothers, has also reached a debit card agreement with Mastercard. This card will also have a 3% Bitcoin reward.
The BlockFi platform, which is showing interest in cryptocurrencies; also expected to release a bitcoin-rewarded credit card this year.