Coinbase now lets you purchase crypto via Apple Pay, Google Pay option to arrive soon as well

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Coinbase now lets you purchase crypto via Apple Pay, Google Pay option to arrive soon as well
Representative imageBI/ Canva
  • Users can purchase Bitcoin, Ethereum, and many more cryptocurrencies via their Visa or Mastercard issued cards.
  • The ‘Apple Pay’ option will be rolled out to all users soon. Just add the card to Apple Wallet and a payment option will be visible.
  • Coinbase is also speeding up cash-outs by shifting to the Real-Time Payments (RTP) network, which is almost instantaneous.
  • The American crypto exchange is cautiously expanding its presence and actively binding the conventional banking system with the cutting-edge one.
Investors on one of the world’s most popular crypto exchanges, Coinbase, will now be able to buy bitcoin, ethereum, and other cryptocurrencies using their Apple Pay accounts — with Google Pay integration coming soon.

Investors will be able to immediately cash out up to $100,000 in one go, according to the company’s senior director of payments, Prakash Hariramani. While such an option has been available since June, it was limited to Coinbase-branded debit cards.

Now, users who only have a VISA or MasterCard issued card will be directly prompted by an Apple Pay option — as long as their card is linked to their Apple Wallet. Coinbase also revealed that Google Pay would be available in the fall.

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Why does Apple Pay or Google Pay integration matter?



For the average Joe, integration is crucial because it reduces the complexity of transferring funds via unconventional mediums. Rather than having to get a Coinbase debit card or creating a separate hard wallet, this is a method of withdrawing funds that users are already familiar with.

The announcement is also essential for the entire crypto industry because it marks the beginning of a partnership between some of the world's largest payment companies, such as VISA and MasterCard, with Coinbase.

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It’s also an indirect nod from Apple and Google as they dip their toe into the crypto market, further boosting its dominance. Users in 20 countries shall soon be able to leverage the more straightforward payment option.

Cashing-out will now be quick and flexible

While bringing in Apple Pay and Google Pay, Coinbase is simplifying cash-outs and also making them faster. The company revealed that instant cash-outs would get processed through the Real-Time Payments (RTP) network, making settlements nearly instantaneous.

The RTP network will act as an alternative to Automated Clearing House (ACH) transfers, which can take up to five days. The new transfer protocol also enables unlimited cash-outs in a day.

Competing asset exchange Gemini, backed by the Facebook fame Winklevoss brothers, made a similar move back in April, integrating Google Pay and Apple Pay cash transfer options on its platform.
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The faster RTP network is managed by The Clearing House (TCH), a network and payments infrastructure operator that backs the biggest banks in the US — including the Bank of America, Citibank, Wells Fargo, and more.

Coinbase is the first crypto exchange to offer instant cashouts via Real-Time Payments (RTP), enabling customers in the US with linked bank accounts to instantly and securely cash out up to $100,000 per transaction.

Statement by Coinbase

Crypto exchanges are cautiously linking the old with the new

Binance is the world's largest crypto exchange in terms of traded volume, but Coinbase has been catching up fast. The latter is based out of the US and listed on the NASDAQ, giving it far more credibility, stability, and flexibility to integrate the conventional banking system with new ones gradually.

Many crypto exchanges such as Binance are stuck in regulatory hot waters due to their obscure corporate structure, non-compliance with local laws, and often, insufficient safety protocols to prevent money laundering, illegal transactions, and more.
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Similarly, VISA and MasterCard have also managed to stay put on the cutting edge of technology and actively update their systems to make crypto a key component. VISA is actively rolling out crypto-to-fiat debit cards in multiple countries in association with crypto exchanges and other payment startups.

Meanwhile, MasterCard is piloting a new capability to settle transactions with USDC so that crypto card issuing firms avoid the friction that comes with making direct crypto to fiat conversions. Mastercard will accept USDC — an Ethereum-based stablecoin — from card issuers and then exchange the stablecoin fiat currency for settling with the merchant in their local currency.

For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
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SEE ALSO:
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Binance may have reduced its Bitcoin withdrawal limit, but other crypto exchanges are even more stringent
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