Coinbase starts Apple Pay and Google Pay for its US customers.
Beginning on June 1, the Coinbase Visa card can already be linked with Apple Pay and Google Pay. However, this is only for US customers to transact purchases and earn rewards when using its service. This is Coinbase’s next big move in a week.
An announcement from Coinbase states that its Crypto Visa card will be added to both of the payment services. Meanwhile there is still a waitlist to acquire a card. Coinbase started inviting people on the waitlist together with selected Coinbase Card users from June 1. Users are able to redeem around 4% in crypto rewards. This is where they can earn either 1% back in Bitcoin or 4% in Stellar Lumens.
Payments by mobile phone have been growing in the US. Coinbase added the new functionality to cater a part of the market.
How Does The Service Work?
Coinbase said that it will convert all cryptocurrency automatically to US dollars. Then transfer the fund to a customer’s Coinbase Card (with lesser conversion fees) for use in purchases and ATM withdrawals. Apple Pay and Google Pay use tokenization to keep card information safe and allow secure purchases.
“If you’re a Google Pay user, you can add your Coinbase Card from the Google Pay app,” according to the Coinbase statement. The similar goes for the Apple Pay app.
Users who finally completed the application process won’t even need to wait for their cards to arrive. When the customers are approved, they are then added to Apple and Google Pay and can start spending ahead of time.
Coinbase says that the waitlist only applies currently in all US states except Hawaii.
What will be Coinbase’s next big move?
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