Recently, Apple and Google partnered with Coinbase to allow their customers to transact in cryptocurrency. Their users can now integrate the Coinbase Card into their mobile cash options to purchase services and goods using a range of cryptocurrencies like Ethereum, Bitcoin, and Dogecoin.
To apply for and get the card, users must go to the Coinbase’s official page and join the waiting list. The cryptocurrency wallet gives up to 4% crypto incentives to encourage users of Apple and Google cash services to integrate Coinbase into their wallets.
Are Customers Leveraging Cryptocurrency for Payments?
The answer to this question is both no and yes. Remember, Coinbase converts cryptocurrencies into legitimate tender currency such as dollars.
When users withdraw money or make a purchase, the company converts their digital assets into dollars. Experts believe that such an action on the cryptocurrency wallet represents a commission or fee payment, depending on the transaction users conduct. While they accept cryptocurrency payments, merchants receive payment in the form of legal currency.
Cryptocurrency Payments are Not Available Around the World
Currently, this feature is only available to a few users, specially picked by Apple and Google in the US. Since Coinbase is a debit card, users do not have to pay an application fee which means their credit scores will not be affected. Individuals can use the card immediately after getting approval. Furthermore, Apple and Google Pay users can integrate and activate their Coinbase debit cards on their accounts once their applications are authorized.
With their cards active, users can make contactless payments through their smartphones or smartwatches. This convenience helps increase cryptocurrency transactions worldwide and encourages more people to adopt digital currencies. The recent announcement by Coinbase is excellent news to the entire cryptocurrency sector.
Google Pay and Apple Pay: Are They Secure?
Making payments through a smartphone is more efficient and secure than utilizing a credit card. Today, nearly half of all iPhone users pay through their phones. Currently, Apple Pay accounts for approximately 10% of card transactions across the world. While these statistics are impressive, experts believe that both Google and Apple Pay’s payment options will become even more popular in the future.
Google and Apple Pay are Faster than Chip-based Credit Cards
Credit cards have also become a slow payment option since the introduction of chip-based readers. Customers who use Google or Apple Pay only need to hover their phone over the reader. This allows them to instantly swipe their digital credit cards without having to launch the app. Users can also use their smartwatches, further increasing convenience.
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