Coinbase launched a new product yesterday, June 1, that will allow users to make payments using their Apple Pay mobile software.
The debit card lcalled Coinbase Card represents another leap of integration between 2 prominent American businesses and the continued adoption of cryptocurrency in the eCommerce space.
Major Updates
- Apple Pay is now available to Coinbase debit card users.
- DOGE transactions are possible on the platform.
- US users are yet to access Apple Pay features.
Customers can use the card to pay for purchases in physical stores and withdraw cash from ATMs. Users in the United Kingdom and Europe have had access to the card since 2020, but users in the United States are still waiting. Coinbase, on the other hand, stated in a blog post that it would start inviting "selected consumers off the backlog" this week.
Who currently has access to Apple Pay?
According to the cryptocurrency platform, people who have been approved for the debit card can use Apple Pay right away, even if the physical card has not yet arrived. According to the company, Apple Pay, which was available to debit card users in the United Kingdom and Europe last year, will now be available to clients in the United States.
This move by Coinbase is notable because it is one of the first exchanges to offer a financial benefit that, in some cases, may outweigh the costs of using a bitcoin debit card.
Customers in the United States can get one percent back in Bitcoin or four percent back in Stellar Lumens for every purchase they make with this perk. These advantages may be enough to compensate for Coinbase's over 2% fee for each crypto debit card transaction.
The fee implies that while users will incur more expenses from Bitcoin transactions but will not be charged for USDC stablecoin transactions. As a result, Coinbase customers who make USDC transactions receive one percent back in Bitcoin, a benefit comparable to many credit card rewards in the US.
But there's one more snag
The incentives feature is only provided to clients in the United States, implying that crypto debit card purchases in Europe and the United Kingdom may have an ambiguous value proposition. However, some customers may believe that the convenience of purchasing from businesses that accept Bitcoin, Ethereum, or other cryptocurrencies outweighs the disadvantages of the fees.
Coinbase, which accepts debit payments via the widely used Visa network, is one of several companies that offer cryptocurrency debit cards. Gemini and BitPay are two additional companies that have announced Apple Pay integrations. However, Coinbase's massive client base, combined with the incentives program, may help the company expand beyond what is currently a fairly narrow service.
Coinbases now supports DOGE
Coinbase Pro, the trading wing of the Coinbase crypto exchange, has started also allowing inbound transactions for Dogecoin (DOGE), paving the way for the meme-based digital asset's broader acceptance.
DOGE trading will begin on Coinbase Pro on Thursday, if liquidity criteria are satisfied, the exchange stated on Tuesday afternoon.
