Coinbase announced on Monday that Coinbase cardholders can now earn crypto rebates for online shopping via Google Pay & Apple Pay. The Coinbase Card is a Visa debit card that allows users to spend cryptocurrency as cash across the globe. Coinbase is among the largest companies in the crypto space and is among the first few crypto card providers to integrate their cards with Apple Pay and Google Pay. Both Apple Pay and Google Pay are leading mobile payment and digital wallet services globally. Thus, this announcement is big news for the crypto industry. With this integration, Coinbase cardholders will be able to pay for transactions using cryptocurrencies.
The idea behind this feature is to serve a large number of Coinbase cardholders to pay for goods and services using cryptocurrencies. Now, Coinbase cardholders will have the ability to check out while shopping online and pay via Apple Pay and Google Pay while checking out. They will also earn cryptocurrency while shopping online. Adding to the benefits, customers can also enjoy up to 4% in the form of crypto rewards while using Coinbase cards with Apple Pay and Google Pay.
One of the Best Crypto Cards in the Industry
With Coinbase cards, users do not have to worry about converting cryptocurrencies into fiat currencies before loading them into their cards to use online. Instead, Coinbase “automatically converts all cryptocurrency to U.S. dollars and transfer the funds to your Coinbase Card (lesser conversion fees) for use in purchases and ATM withdrawals.” It is an added advantage to online shoppers who pay with their Coinbase Card via Apple Pay and Google Pay and will begin enjoying crypto rebates.
How does Coinbase Card work?
To further streamline the process, Coinbase will charge no application fees from its customers, and they can start using the card immediately after being approved. Hence, Google Pay & Apple Pay users can activate and add their Coinbase cards on their Google Pay account & Apple Pay account right after their card application is approved. Alternatively, with the support of Apple Pay, Coinbase Card users can quickly activate their cards and make contactless payments on an iPhone or Apple Watch. It will help in boosting the number of cryptocurrency transactions globally, which, in turn, will boost the adoption of digital currencies. Thus, Coinbase’s recent announcement is good news for the entire cryptocurrency industry as a whole.
As per the recent announcement, Coinbase is inviting “select customers” to utilize the new feature while allowing interested individuals to sign up to a waitlist. As for the charges, the standard conversion fees may apply. But the users will earn up to 4% back in cryptocurrency rewards (1% back in Bitcoin or 4% back in Stellar Lumens). Apart from receiving up to 4% in crypto rebates, the exchange is also planning to expand its Coinbase Card reward program.
PayPal, too, is Giving Boost to Crypto Transactions
Another major company aiming to promote retail cryptocurrency transactions is PayPal, the global payments industry giant. To promote retail cryptocurrency for microtransaction, PayPal is allowing their U.S. customers, to pay for online shopping in Bitcoin (BTC) and other digital currencies. To further nurture the effort, Crypto debit cardholders, too, are playing a significant role in the process, as around 40% of respondents across the globe are expressing interest in adopting crypto payments by 2022, as per the survey conducted by Mastercard. If that many users, indeed, start using cryptocurrencies for payments, it will prove to be a game-changer for the crypto industry and its stakeholders.