Partnerships between giants from different industries are commonplace in the business world, as each wants to take advantage of the other’s strengths. So, given the current rise of cryptocurrencies, Coinbase announces the integration of its debit card with Apple Pay.
The details of the pact between Apple Pay and Coinbase
On June 1, Coinbase made an announcement that its users will now be able to use the Coinbase Card with Apple Pay. Customers of the exchange will be able to add the card to Apple Pay starting the week of June 7. This will allow the Coinbase Card to be used to tap into their Bitcoin and crypto balances. In practice, the exchange will instantly convert the cryptocurrencies into US dollars, before transferring the funds to the card, minus the fees. The card can be used for payments and ATM withdrawals.
This Coinbase Card integration with Apple Pay comes just days after Apple wanted to hire its head of business development to drive its alternative payments partnership program.
People using Coinbase Card with Apple Pay will be able to earn up to 4% reward on their purchases. However, users will have to pay a 2.75% fee for each transaction, except for those in USDC, and the 4% reward does not apply to funds from a bitcoin-to-Fiat conversion. The cash back for BTC funds is only 1%.
Americans catching up
The Coinbase Card has already been available in the UK and Europe since 2020, but US customers are still on the waiting list. However, Coinbase said it would invite “some customers from the waiting list” starting the first week of June. For their part, those who have already received approval for the debit card can use it directly via Apple Pay, even if they are still waiting for its physical receipt.
Just as UK and European customers can use Coinbase Card via Google Pay, US customers will also have this opportunity.
Coinbase relies on the VISA network to process payments via its debit card, but is not the only exchange to offer this type of card. Gemini and BitPay are also making it available to their customers, and both have announced the integration of their card with Apple Play.
Coinbase continues its development after listing on NASDAQ. It’s even preparing to launch a crypto media led by the marketing team. The exchange is now prompting Apple to take a bite out of cryptocurrencies.