Coinbase Enables Apple Pay and Google Pay For US Customers
As of June 1, the Coinbase Visa card can be linked with Apple Pay and Google Pay for US customers to make purchases and earn rewards when using the service.
According to an announcement from Coinbase, its crypto Visa card will be added to both payment services. While there is still a waitlist to get a card, Coinbase began inviting people on the waitlist along with selected Coinbase Card users from June 1. Users will be able to redeem up to 4% in crypto rewards, where they can earn either 1% back in Bitcoin (BTC) or 4% back in Stellar Lumens (XLM).
Millions of people around the world use Apple Pay or Google Pay for everyday purchases, from grocery deliveries to pet supplies to home office goods. Now you can earn up to 4% back in crypto rewards on this shopping when you use your Coinbase Card with Apple Pay or Google Pay.Coinbase
Since payments by mobile phone have been steadily growing in the US (up 29% in 2020), Coinbase has added this new functionality to cater for that part of the market.
How The Service Works
Coinbase stated that it will automatically convert all cryptocurrency to US dollars and transfer the funds to a customer’s Coinbase Card (less conversion fees) for use in purchases and ATM withdrawals. Apple Pay and Google Pay use tokenization to keep card information safe and enable 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, and the same goes for the Apple Pay app.
Users who have completed the application process will not even need to wait for their cards to arrive. As soon as customers are approved, they are added to Apple and Google Pay and can start spending immediately.
Coinbase cards are not yet available for Australian customers and, according to the Coinbase website, the waitlist currently only applies in all US states except Hawaii.