Crypto exchange Crypto.com has announced that Google Pay and Apple Pay are now available for Canadian users for their products.
Canadian users can now connect their bank cards when using the Crypto.com Visa card, link their digital wallets, and use Google Pay and Apple Pay for payments.
With the addition of Apple Pay and Google Pay, customers can use Visa or Mastercard debit cards linked to Apple Wallet or Google Pay to pay for purchases and withdraw funds, not just using Crypto.com Visa cards.
The exchange also said that iOS users with Apple Watches will also be able to use the service.
Despite the latest options are currently limited to Canadian users, the Crypto.com community is optimistic that the service will soon be available to users in other parts of the world.
Back in July, Cryptocurrency exchange Crypto.com officially announced that it will offer customers more ways to pay for transactions by allowing Android users to use Google Pay to buy crypto assets on its exchange.
Crypto.com has been actively expanding lately. It has received regulatory approvals in several countries. The exchange recently has additional registrations and licenses in France, expanding its footprints in Europe after Italy, the UK, and Greece.
Google has hired a former PayPal executive to help bolster Google Pay, with plans to expand into the crypto space.
Arnold Goldberg has been given the task of running Google’s payments division as part of a company-wide push into financial services, including crypto.
Google’s president of commerce Bill Ready told Bloomberg that:
“Crypto is something we pay a lot of attention to […] As user demand and merchant demand evolves, we’ll evolve with it.”
Google Pay is an online payment system developed by Google to allow in-app, online and contactless purchases on mobile devices including Android phones, tablets and watches.
As part of the overhaul, Google will focus more on being a “comprehensive digital wallet” that includes digital tickets, airline passes and vaccine passports, Ready said.
Following the news, the price of Bitcoin (BTC) spiked to a high of $42,478 (from a 24-hour low of $41,254) before falling back down to $41,887 at the time of writing according to Coinmarketcap.
Google has been dipping its toes in the crypto space for quite some time, partnering with several crypto companies through 2021. Ready said that the company plans to pursue more partnerships with more crypto companies.
In April 2021, Google Pay announced a new partnership with global crypto exchange Gemini. The update allowed Gemini users to purchase Bitcoin through Google Pay using fiat currency on a debit or credit card.
The tech giant also partnered with Coinbase in June, allowing customers of the exchange to pay for goods and services through Google Pay using their Coinbase Card. Users also were able to gain crypto rebates of up to 4% for their shopping.
In Oct, a partnership between crypto exchange Bakkt and Google allowed customers of the exchange to purchase goods and services using some select cryptocurrencies through their Google Pay wallet.
As for Paypal, it appears that the fintech company will be one man down as it explores the creation of its own stablecoin. Earlier this month, Paypal confirmed plans to launch “PayPal Coin,” which developer Steve Moser first found in the source code of the platform’s iPhone app.
Related:Bakkt crypto exchange partners with Google for payments
This comes only three months after the tech giant axed its plans for a service called “Plex” that would allow users to create checking and savings accounts.
“We’re not a bank — we have no intention of being a bank,” Ready said about the decision to cut Plex. “Some past efforts, at times, would unwittingly wade into those spaces.”
Google Pay debuted in 2015, with a revamp in 2020 which transformed the platform into a hub where customers could track their expenses and hunt for discounts.
Another day, another massive company entering the cryptocurrency space. Google is making moves to boost up the profile of their Google Pay service, and, of course, crypto is in the mix. The company hired Arnold Goldberg, ex-Senior Vice President at PayPal, “to run its payments division.” That’saccording to Bloomberg, who broke the story.
“The move is part of a broader strategy to team up with a wider range of financial services, including cryptocurrencies, said Bill Ready, Google’s president of commerce. The business, known for the Google Pay system and mobile wallet, has largely avoided the crypto industry.”
Related Reading | Bitcoin Still Overtook Trump, VISA, PayPal, and Libra on Google Search in 2019
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Google’s Many Failures
The company’s financial division hasn’t been the most successful. Their Google Pay service is far behind its competitors, and facing a crowded space with many players trying to get ahead. Recently, Alphabet Inc. partnered with 11 banks for an initiative called Plex, and canceled everything at the last second. “We’re not a bank — we have no intention of being a bank,” said the company’s president of commerce Bill Ready in a recent interview.
On the other hand, the company has a lot going for it:
“Google does have enormous consumer reach and a huge balance sheet. The technology giant takes no fees on transactions with its mobile wallet, and Ready said there are no plans to change that.”
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Alphabet Inc. price chart on Nasdaq | Source: TradingView.com
What Will The Company’s Crypto Play Consist Of?
Let’s be clear about this, the technology giant is only testing the waters. They haven’t announced anything crazy, nor are they developing technology themselves. Still, it’s a great improvement from their “largely avoided the crypto industry” policy. What are they doing, exactly?
“Google has partnered with companies, including Coinbase Global Inc. and BitPay Inc., to store crypto assets in digital cards, while still having users pay in traditional currencies. Ready said Google is looking to do more of these partnership, though the company still isn’t accepting crypto for transactions.”
Since that’s a little vague,Yahoo! Finance elaborateson the matter:
“Late last year crypto platform Bakkt said its virtual Visa debit card would be available for use on Google Pay online and in stores. Bakkt’s Google Pay support follows in the footsteps of Coinbase, which rolled out support for Apple Pay and Google Pay for its Coinbase Cards earlier this year. Google is also working with Bitpay and Gemini to support their crypto cards, meaning that people who use these cards can add them to Google Pay.”
To further emphasize the lightness of the company’s crypto play, Bill Ready told Bloomberg:
“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.”
How Did The Market React To Google ‘s Announcement?
As soon as the article went live and the news started spreading through the Internet, both Bitcoin and Ethereum’s prices spiked for a little while. Then, as people read exactly what Google announced, the excitement wore off. The two leading cryptocurrencies have been trading horizontally, lightly trending downwards for a while. And this announcement wasn’t strong enough to change that.
Related Reading | Coinbase Adds Option To Buy Crypto With Apple Pay, Google Pay To Follow
Maybe it should’ve been, though.
Featured Image by PhotoMIX-Company on Pixabay | Charts by TradingView
Users who hold debit cards issued by cryptocurrency exchange Bakkt will be able to convert their crypto balances to make fiat payments using Google Pay.
In an Friday announcement, Bakkt said it had partnered with Google to allow its users to purchase goods and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay wallet and payment system. In addition, Bakkt plans to build new analytics and geolocation functionality on its platform using Google Cloud tools. The exchange hopes that the features will expand loyalty redemption options “while providing Bakkt partners with valuable consumer behavior patterns.”
“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner,” said Bakkt CEO Gavin Michael.
According to Google, “millions” of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at “supermarkets, pharmacies, restaurants, clothing stores, gas stations, beauty shops” and others. The Bakkt partnership follows major crypto exchange Coinbase’s June announcement that Apple Pay and Google Pay would offer support for its Coinbase Card. Gemini has allowed its users to purchase crypto with Apple Pay and Google Pay since April.
Related:Bakkt launches payments app as institutions compete for crypto assets
Launched by the Intercontinental Exchange in 2018, Bakkt first offered BTC futures contracts exclusively to accredited investors. In March, the platform released a payments app allowing users to use crypto to make purchases, designed to “amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.”
Crypto trading platform Bakkt has announced a partnership with Google Pay that will integrate each platform’s payment services,
Bakkt will also use Google Cloud as its preferred cloud provider.
The two companies will additionally work to build new AI and geolocation tools for business insights.
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Crypto trading platform Bakkt announced a partnership with Google today that will integrate payments services across platforms and make use of cloud solutions to build new technology.
Partnership Focuses on Payments
Under the partnership, Bakkt users will be able to add their virtual Bakkt Visa Debit Card to Google Pay, which will allow the purchase of goods and services wherever Google Pay is accepted. Crypto assets will be converted to fiat currency at the point of sale.
Bakkt also announced that it has selected Google Cloud as its preferred cloud provider and said that it will build and market business solutions powered by the service.
Google Cloud President of North America Kirsten Kliphouse commented on the partnership, stating:
“Google Cloud has been at the forefront, powering many retailers and merchants. We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by Google technologies.”
The firm additionally announced that it would work with Google to build new AI projects, machine learning tools, and geolocation functionality on its platform “to draw out deep, location-aware business insights leveraging Google Cloud’s industry-leading tools.”
While critics may have privacy concerns over those technologies, Bakkt claims this will provide its customers with improved loyalty redemption options, while its partners will see “valuable consumer behavior patterns powered by Google Cloud infrastructure.”
What Is Bakkt?
Though Bakkt initially began as a Bitcoin futures trading platform, it has gradually expanded its business to offer a crypto payment and trading service for retail investors.
Notably, it offers rewards and loyalty programs for brands such as Starbucks, Chipotle, Marriott Hotels, and Alaskan Airlines; reward points can be converted into cash. It also allows users to send and withdraw cryptocurrency, something that some competing investment apps like Robinhood do not yet allow.
Bakkt was founded by current CEO Jeffrey Sprecher of the Intercontinental Exchange, which owns the New York Stock Exchange (NYSE). His wife, former U.S. Senator Kelly Loeffler, formerly served as CEO. Loeffler was one of the senators accused of insider trading last year, though the Senate Ethics Committee dismissed its investigation.
The firm announced plans to go public via SPAC earlier this year, though its plans have not been officially approved.
Disclaimer: At the time of writing, the author held BTC, ETH, and several other cryptocurrencies.
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Alchemy Pay (ACH), a crypto project that’s surged more than 7,280% in the past two weeks on the heels of a listing on Coinbase, says it’s rolling out a virtual card that will be accepted across millions of merchants on the Visa and Mastercard networks.
The move is designed to spur the adoption of numerous cryptocurrencies, allowing people to spend their digital assets in the real world.
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The crypto-linked card will support more than 40 types of digital assets and can be used on popular e-commerce platforms like Amazon and eBay, according to an Alchemy press release.
The virtual card can also be linked to digital wallets like Google Pay and PayPal. Alchemy expects to roll out the card services by the end of the year or early 2022.
Alchemy Pay is a hybrid crypto and fiat payment gateway that operates in 65 countries. Users can receive payments in their preferred local currency regardless of the sender’s payment method and currency.
According to the company’s website, consumers are incentivized with competitive transaction fees. The payment protocol also rewards customers with the project’s Ethereum-based ACH tokens for every crypto transaction. Partners are rewarded with ACH by integrating with Alchemy and enabling crypto payments for merchants.
ACH is trading around $0.11 at time of writing after hitting a low of about $0.001355 on July 21st, according to CoinGecko.
ACH initially surged after being listed on Coinbase Pro and then across all of Coinbase’s platforms. The crypto exchange Binance also partnered with Alchemy Pay to streamline client and merchant payment services across fiat and digital currency systems.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Crypto continues to see tremendous growth these past weeks. Prices of coins have soared across the board as sentiments continue to skew in the positive. Investors seem to be pouring back into the market, with the market showing patterns that indicate current buy pressure trends are higher than sell pressures. Accumulation patterns continue to show that investors are hoarding their coins instead of selling, as exchange reserves continue to plummet across the board.
More good news continues to rock the market as crypto prices remain in an uptrend. Coinbase recently announced that its users can now buy coins on the platform using Apple Pay. This method was previously unavailable to customers. But Coinbase had, in June, earlier said that users were now able to use their Coinbase crypto card on Apple Pay and Google Pay.
Related Reading | Wells Fargo Now Offers Cryptocurrency Investment To Clients
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This was a welcome development as it opened up new ways that crypto enthusiasts could use their crypto cards out in the world. But there still was no option to use Apple Pay to buy crypto, until now.
Coinbase Adding More Payment Options
The move by Coinbase is part of its efforts to add more safe and secure ways for its users to buy crypto. Adding payment options like Apple Pay ensures that users do not have to go through long processes just to get crypto-assets. And what’s more, Apple Pay remains one of the most trusted digital wallets presently.
Coinbase uses the information that is already linked to users’ Apple Pay to facilitate crypto purchases. This means that if a debit card is already added to a user’s Apple Pay wallet, then they can pay for crypto purchases using an Apple Pay option that will appear on Coinbase. The process works with any Apple Pay-enabled iOS device or through a Safari web browser.
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Related Reading | Nigerians Move Almost $40 Million In P2P Bitcoin Trading In A Month
In addition to this comes the ability for users to get instant cashouts of up to $100,000 on a single transaction. Coinbase has made this option available for users on the platform on a 24-7 basis, which means that users will always have access to cashouts, and this process is instant. While bypassing high, uncapped fees that are charged to customers when using ACH to cash out, and also reduces the length of time required for a withdrawal to go through.
More Ways To Buy Crypto
In addition to Apple Pay, Coinbase also announced plans to add in the option for users to be able to buy crypto using Google Pay later in the year. The feature is set to roll out in the Fall, which would open up over 150 million people in over 40 countries to the option of seamlessly buying crypto.
Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes
These additions would add to their existing list of ways their users could already purchase cryptocurrencies. With U.S. customers being able to purchase crypto using debit cards, wire transfers, or ACH, or just using funds currently available in their Coinbase USD wallets.
Coinbase continues to work on more ways to provide users access to buy crypto. Providing global access continues to remain a key focus, and on this note, Coinbase now allows users to purchase crypto using Visa and Mastercard credit and debit cards in over 20 countries presently. And the crypto exchange plans to add more countries to this list as time goes on.
Total market cap recovers | Source: Crypto Total Market Cap on TradingView.com
More methods of purchase are expected to be announced by the crypto giant which had gone public earlier this year. Just as well, the crypto market rages on as the total crypto market cap now sits at over $1.7 trillion presently. Inching close to the $2 trillion mark.
Featured image from Fintechs.fi, chart from TradingView.com
Coinbase officially announced today that it provides customers with more payment methods for transactions and allows users to use Apple Pay to purchase cryptocurrency assets on its trading platform. It is expected to integrate with Google Pay in the fall of this year.
With the addition of Apple Pay and Google Pay, customers can use Visa or Mastercard debit cards linked to Apple Wallet or Google Pay to pay for purchases and withdraw funds, not just using Coinbase Visa debit cards.
The official Coinbase blog post writes that on August 6:
“Today we’re introducing new and seamless ways to enable crypto buys with linked debit cards to Apple Pay and Google Pay, and instant cashouts up to $100,000 per transaction available 24/7.”
Apple Pay will automatically pop up as one of the payment methods when users use Apple’s IOS device or Safari web browser to purchase on the Coinbase platform.
Coinbase, a cryptocurrency exchange that provides instant cashing through a real-time payment (RTP) network, has been committed to providing customers with faster channels for transferring funds and continuously expanding the global beneficiary groups in different countries/regions.
The real-time payment (RTP) network allows 24/7 unlimited exchanges, which solves the traditional need to transfer funds through an automated clearing house (ACH) for up to 5 days without paying the high cost of unlimited fees.
Coinbase now accepts connected Visa and Mastercard debit and credit cards to purchase cryptocurrency in more than 20 countries.
A select group of US citizens and customers of Coinbase cryptocurrency exchange who had preregistered for the company’s cards dubbed Coinbase Cards will begin receiving invites to apply for the product.
The Coinbase Card is a debit card that does not impact customers’ credit scores. The card can link to Apple Pay and Google Pay for easy payment at the point of item purchases. For users keen on privacy, the duo of Apple Pay and Google Pay uses tokenisation to keep users’ data safe. As such, the hallmark of crypto, which is data security, will not be compromised.
According to Coinbase, those approved for the cards can start using the digital version right now, not need to wait for the physical card. While this product is the latest from the firm, there are plans under incubation to roll out additional products that will make crypto easily spendable in everyday life.
As Coinbase revealed, new cards will see users spend their cryptocurrencies anywhere while earning rewards or cashback of up to 4% on all shopping.
Cryptocurrencies are here to stay, with thousands of such virtual assets now in the markets besides Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and other such prominent coins. Subject to their volatile nature, they are hardly considered for e-commerce as their values are often fluctuating. However, the new crop of products being rolled out by platforms such as Coinbase is easing the transition and the use of crypto in everyday life. This product complements the broad range of support for all array of digital currencies by the firm.
Established institutions best champion the journey of digital currencies onto the mainstream adoption cycle. As a Nasdaq-listed public firm, Coinbase’s role in advocating the broader acceptability of cryptocurrencies is vital. The firm is notably playing this role well, but the moves will resound more should the firm’s products being rolled out on a global scale.
The largest U.S.-based cryptocurrency exchange Coinbase, stated that it has integrated Apple Pay and Google Pay, enabling online shoppers to pay with their Coinbase Card on both online payment platforms, while also earning crypto rewards.
Shop With Coinbase Card on Apple Pay and Google Pay
In ablog poston Tuesday (June 1, 2021), Coinbase announced that customers who shop on Apple Pay and Google Pay get crypto rebates up to four percent on all their purchases.
Coinbase also stated that selected customers on the waitlist will start enjoying the crypto rewards beginning this June. Furthermore, the company said that it will convert crypto to fiat, and transfer the funds to the user’s Coinbase account to enable them make ATM withdrawals and purchases.
An excerpt from the blog post reads:
“Now, you can earn up to 4% back in crypto rewards on this shopping when you use your Coinbase Card with Apple Pay or Google Pay. 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 U.S. crypto exchangefirst launchedits Visa debit card back in April 2019 in the UK to enable seamless payment with bitcoin and other crypto for goods and services. Since its unveiling in the UK, Coinbase has launched its cards indifferent parts of Europe.
Back in October 2020, Coinbaseintroducedits Visa debit card in the U.S., allowing customers to join the waitlist. The Coinbase card is now available in almost 30 countries. However, the Coinbase Card reward program will initially be accessible to only U.S. customers. Also, the company stated that it has plans to expand the scope of its debit card reward program.
Coinbase’s latest announcement comes amid the steady growth of mobile phone payments in the U.S. While countries like China are ahead with over 80 percent, the United States witnessed a 20% increase in 2020.
Apart from Coinbase, another crypto exchange Gemini, in collaboration with payments giant Mastercard announced back in April plans to launch aGemini credit cardthat enables users earn three percent in bitcoin rewards when they shop. Also, a Mastercardsurveyback in May revealed that 40% of respondents are open to using crypto payment option in 2022.
