Lumi Becomes Latest Crypto Wallet to Support Apple Pay

cLeading digital currency wallet, Lumi, announced on Friday a new software update that will enable customers to purchase cryptocurrencies through Apple Pay, the digital payment platform of Apple Inc. This comes as an addition to the already-existing payment options available for the users, making buying and trading of cryptos easier on the platform. 

Meanwhile, it’s worth noting that the parent company of Apple Pay is seemingly not a big fan of cryptocurrencies, judging their past actions on crypto-related services.

Apple Pay Lessens KYC Procedures in Buying Crypto

As reported, the integration of Apple Pay on the crypto wallet reduces the need for the customers to provides know-your-customer (KYC) verifications before transacting cryptos on the platform. Lumi noted that the new payment method would be available in 60 countries, including Australia. However, users can only buy the supported cryptos – Bitcoin (BTC), Ether (ETH), Tether (USDT), and more – at $1,000 and $7,500 as the daily and weekly limit, respectively.

While commenting on the integration, Lumi said “this step has opened access to an alternative purchase option for hundreds of thousands of users around the world. […] Lumi Wallet’s iOS users will be able to choose a new option to buy crypto using Apple Pay.” 

Apple Pay simplifies the crypto purchasing process as users no longer need to verify their details since they already have an account with Apple Pay wallet.

But, Apple is not a fan

The technology giant, Apple had once introduced a regulation that banned many crypto apps for mining on the Apple store. Recently in September, the founder of Coinbase, Brian Armstrong took to his Twitter handle to accused the company of making innovations in the cryptocurrency space very stiff. Crypto companies are “reluctant to speak out on these topics for fear of retaliation,” he added.

Meanwhile, many industry players, including the CEO of MicroStrategy, Michael Saylor, predicted that the tech giant would eventually make a large scale investment in Bitcoin in the future.