TL;DR Breakdown
- Coinbase debit card now enabled to make payment on Apple Store, Google Pay
- How crypto card payment market is booming
Coinbase has announced that its users can now use their Coinbase Card with Apple Pay and Google Pay.
The Coinbase Card acts like a debit crypto card, automatically drawing payment from your crypto wallet balance. Users who have a Coinbase Card can add the card to your Apple Wallet through the app. However, most people interested in the card are currently on a waitlist.
The company has also said that it would select customers off its waitlist starting from this week to begin earning up to four percent in crypto rewards.
Coinbase said in a statement, “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 four percent back in crypto rewards on this shopping when you use your Coinbase Card with Apple Pay or Google Pay.”
The American exchange firm said it would convert all crypto to their U.S. dollar equivalent and transfer the funds to the customer’s card for use in purchases and ATM withdrawals.
Coinbase: Crypto card payment market continues to boom
Mastercard and Gemini are preparing to unveil a crypto credit card with 3 percent bitcoin returns. And BlockFi, too, has a rewards-fueled crypto credit card in the works.
In January, the firm said the introduction of the credit card has been accelerated with the acquisition of the fintech startup Blockrize and will be made available to U.S. citizens in all states.
The exchange said the card will work like a traditional card and will be widely accepted where major cards are accepted, and the rewards will be automatically deposited into a cardholder’s Gemini account.
As Bitcoin becomes ensconced as an asset rather than as a medium of exchange in the minds of most users, the spending enticements could move the needle on crypto payments despite unfavorable U.S. tax laws.
