Coinbase Adds Support for Google Pay and Apple Pay
U.S.-based customers will now be able to incorporate their Coinbase cards into Google Pay and Apple Pay. This typically means that they’ll have the freedom to make payments using crypto remotely.
As the cryptocurrency industry continues revolutionizing our lives, many more organizations are slowly adding features that make cryptocurrencies more feasible.
The latest company to do this is Coinbase. As recently as yesterday, the firm now permits its customers to sync their Coinbase card to Apple Pay or Google Pay. This enables them to pay for goods and services using the cryptocurrencies in their wallet.
However, this provision is only available to those living in the U.S. and not Hawaii.
So how exactly does this work? Well, if you wish to pay for a service using your Coinbase Card, your preferred cryptocurrency is first converted to a fiat currency, like say the US dollars.
This accords you the freedom to use crypto for payments regardless of where you are- or wherever sellers and retailers accept card payments.
This move has been seen as a major step, especially in relation to the role cryptocurrencies are playing in our financial sector. Nonetheless, there’s still a bit of uncertainty with regards to its practicality.
Some users may be reluctant to use crypto as a mode of payment, and understandably so, given how volatile it can be.
In fact, if you tend to hold crypto as a financial asset as opposed to a medium of exchange, you may want to do a bit of due diligence before using it in a transaction.
Taking this into account, it makes more sense for individuals to use stablecoins instead. Stablecoins are a type of cryptocurrency, which have their value linked to a fiat currency. For instance, the USDT is linked to the US dollar.
Coinbase model allows the firm not to charge any fees for the conversion of stable coins at the time of sale. But, it charges a fixed 2.5% fee if you pick any other coin, which is a little expensive.
Though Coinbase transaction fees are more than what your bank would charge you, the company also pledges cash-back incentives on a couple of coins. For instance, it offers 1% rewards for using Bitcoin and 4% rewards if you use Stellar coin.