Crypto.com Offers Google Pay and Apple Pay Support for Canadian Users

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.

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Google Pay hires PayPal exec to head up crypto payments push

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.

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Google Pay Partners With Cryptocurrency Exchanges To Accept Their Digital Cards

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’s according 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

Until now, that is. The company is cautiously entering the cryptocurrency space and NewsBTC is here to tell you what you should know about it.

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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.”

GOOGL price chart for 01/19/2022 - TradingView

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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 elaborates on 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.

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Bakkt crypto exchange partners with Google for payments

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.”