Coinbase Card Users Can Now Make Bitcoin Payments And Reap Rewards With Apple Pay

Users of the Coinbase Card can now make payments using Apple Pay and reap bitcoin rewards.

One of the leading U.S. bitcoin exchanges, Coinbase, has announced today that users can now use the company’s debit card offering, called Coinbase Card, with Apple Pay according to a news release.

“You can now use your Coinbase Card with Apple Pay and Google Pay to make it even easier to spend crypto at home and on the go,” shared Coinbase, per the release. “Starting this week, we’ll invite select customers off the waitlist to begin earning up to 4% back in crypto rewards.”

The Coinbase Card allows users to draw on their Coinbase balances of bitcoin and other cryptocurrencies to make purchases. The exchange automatically converts all cryptocurrency to U.S. Dollars and transfers the funds to the debit card ––minus conversion fees–– for usage in purchases and ATM withdrawals.

Starting next week, users will have the option to add their Coinbase Card to Apple Pay as soon as they’re approved for the card. As a result, Coinbase will indirectly allow millions of Americans to pay for their everyday purchases with bitcoin through Apple Pay via the new feature.

The news comes after Apple has recently shown interest in a “cryptocurrency specialist” through a recent job post, suggesting that the company may be working towards adding bitcoin payments to Apple Pay. But until direct transactions become a reality, Coinbase users can already enjoy paying with bitcoin while reaping some rewards.

There are some caveats to the card’s reward system; the user also has to pay a 2.75% fee for every Coinbase Card transaction. While the bitcoin exchange promises up to 4% back in rewards, that figure only applies to receiving non-bitcoin cryptocurrencies.

Those who choose to use bitcoin are awarded 1% back, which would mean losing money after accounting for the card fees. However, if one expects the earned bitcoin to outpace any other returns regardless of percentage rewards earned, then this may not be necessary to take into consideration. In addition, if desired, Coinbase Card users can avoid paying the debit card fee by using USDC, Coinbase’s dollar-pegged stablecoin.

More broadly, the combination of America’s most widely used bitcoin exchange with the most popular smartphone company in the country could spur a broader usage of bitcoin debit cards, increasing payments made with bitcoin in the U.S.


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Coinbase Visa Debit Card Adds Apple Pay, Google Pay

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Coinbase debuts crypto rebate for online shopping via Apple Pay and Google Pay

Online shoppers who pay with their Coinbase Card on Apple Pay and Google Pay will begin enjoying crypto rebates.

In an announcement on the Coinbase blog issued on Tuesday, the exchange service revealed that starting in June, some whitelisted customers will be selected to begin enjoying the crypto rebate feature.

As part of the announcement, Coinbase revealed that customers who use their Coinbase Card on Apple Pay and Google Pay can earn up to 4% in crypto rewards for online shopping.

“Splurging for guacamole with your Coinbase Card is a no-brainer when you can earn 1% back in Bitcoin or 4% back in Stellar Lumens,” the announcement added.

As previously reported by Cointelegraph, Coinbase became a direct Visa card issuer back in February 2020. By March 2020, Coinbase Card users in Europe could already utilize their cards on Google Play.

The Coinbase announcement comes amid significant growth in mobile phone payments in the United States. While mobile phone payment penetration in the U.S. still lags behind China’s, the sector experienced a 29% growth in 2020.

Apart from the up to 4% in crypto rebates, the exchange says it has other plans to expand its Coinbase Card reward program. Since June 2019, Coinbase Card has added more countries to its coverage while increasing the supported virtual currencies to even include stablecoins like Dai (DAI).

Crypto debit cards are continued to be seen a significant part of the efforts to promote retail cryptocurrency utilization for microtransactions. Meanwhile, payment giants like PayPal have also entered the retail crypto payment arena with U.S. customers able to pay for online shopping with Bitcoin (BTC).

According to a Mastercard survey from May, 40% of respondents across the globe have expressed interest in adopting crypto payments in 2022