On June 2, Coinbase announced that its encrypted debit cards can now be paid with Apple Pay, according to media reports.
In addition, Coinbase also revealed that debit card users will be able to Pay with Apple Pay even if they don’t already have a physical card. And apart from UK and European users, American users can now use coincard with Apple Pay and Google Pay, which allows them to pay for goods and services with encrypted money. In addition, users pay through Apple and Google and receive a 1% reward for each purchase in Bitcoin, or 4% in stellar lumens. That’s just enough to offset the 2.75% fee Coinbase charges on each cryptocurrency debit card transaction.
Millions of people around the world use Apple Pay or Google Pay for everyday purchases, from grocery deliveries to pet supplies to home and office supplies. Now, when users use their Coinbase card through Apple Pay or Google Pay, users can earn up to 4% encrypted rewards on that purchase.
The Coinbase card isa Visa debit card that allows users to spend cryptocurrency as cash around the world. Support for Apple Pay will enable Coinbase card users to quickly activate their cards and make contactless payments on an iPhone or Apple Watch.
Coinbase explains that it “will automatically convert all cryptocurrencies into U.S. dollars and transfer funds to your Coinbase card (with reduced conversion fees) for purchases and ATM withdrawals.”
It is reported that the penetration rate of mobile payments in the US will increase by 29% in 2020. Coinbase caught on to this growth trend, reflecting cryptocurrencies’ move into the mainstream of retail commerce.
In addition to the 4% crypto rebate, the exchange said it has other plans to expand Coinbase’s debit-card rewards program.
In addition to Coinbase, Gemini and BitPay have also partnered with Apple Pay.