American crypto exchange Coinbase last week announced the connection of a new opportunity – now its users will be able to buy cryptocurrency using Apple Pay. Previously, this method was not available to clients.
Recall that in June 2021, Coinbase Card debit cards received support for Apple Pay, which made it possible to add them to the Wallet app on the iPhone. Coinbase automatically converts the cryptocurrency the user wants to spend into USD and transfers funds to the Coinbase Card for Apple Pay purchases and ATM withdrawals.
The crypto exchange now provides the ability to purchase cryptocurrency using Visa or Mastercard debit cards linked to Apple Pay. This will simplify the process of buying Bitcoins and altcoins and help attract new customers to the platform.
Safe and secure way to buy cryptocurrency
This move by Coinbase is part of an overall effort to add safer and more secure ways for users to buy cryptocurrency. Users no longer have to go through lengthy verification processes just to get cryptoassets.
To make crypto payments, Coinbase uses information that is already associated with users’ Apple Pay. The feature works with any iOS device through both Apple Pay and the Safari web browser. Apple Pay will automatically appear as a payment method. Apple Pay circumvents the high fees charged to customers when using ACH (Automatic Clearing) to withdraw funds, and also reduces the time required to do so.
In addition, users were able to instantly withdraw funds up to $ 100,000 per transaction. This option will be available 24/7.
In the past, customers had to use automated clearing mechanisms, which can take up to five days to withdraw funds. The number of transactions via RTP per day is not limited. According to Coinbase, it was the first crypto exchange to offer payments via RTP.
Coinbase plans to include similar capabilities for Google Pay
Coinbase also announced plans to add the ability to buy cryptocurrencies with Google Pay for android users later this year. The exchange plans to add this feature in the fall.
All of this will open up hassle-free crypto shopping opportunities for over 150 million people in over 40 countries. Currently, you can shop with debit and credit cards in over 20 countries. Coinbase promises support will continue to expand.
Thus, support for Apple Pay and Google Pay will help Coinbase expand its presence in other countries.
In February of this year, it became known that users of BitPay cards were connected to the Apple Pay service. In April, Gemini took a similar step by integrating Google Pay and Apple Pay money transfer options into its platform.
Coinbase plans international expansion
Note that Coinbase has been actively developing lately. The turning point was the public listing on the stock exchange, which took place in April this year. Since then, the company’s management has been paying significant attention to promoting and scaling the platform.
Earlier in July, the CEO of Coinbase promised to list all legally available cryptocurrencies on a crypto exchange.
According to Crypto.com, the number of cryptocurrency users doubled in the first half of 2021, exceeding 220 million.
It should also be noted that Coinbase acquired fintech startup Zabo, which creates API solutions to make it easier to track crypto investments. Using the service toolkit, it is possible to combine information about the user’s digital assets from different sites.