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The integration of Coinbase Card with Apple Pay and Google Pay will use tokenization to maintain the security of sensitive card information and allow safe purchases.
Coinbase Global Inc (NASDAQ: COIN) announced on Tuesday that its Visa debit card will henceforth be linked to Apple Pay and Google Pay. Additionally, Coinbase will offer waitlisters up to 4% crypto returns on value spent.
These integration features will be available to Android and iPhone users in the US who have Coinbase cards, barring Hawaii. A variation of the card is also available in Europe.
Coinbase card enables payment at the point of sale (POS) for card-accepting dealers by converting crypto into fiat, with minimal conversion fees. Coinbase now promises 4% stellar lumens rewards and 1% bitcoin rewards for card users. The cash-back scheme is a unique feature of the debit card especially since it is done in the form of crypto.
Waitlisters of Coinbase card will soon receive application invitations after which a selected number of them will start earning crypto rewards. Signing in to the service will not impact their credit score and there are zero application fees. Many users are expected to join the waitlist especially since mobile payments use escalated by 29% last year owing to the Covid-19 pandemic.
Coinbase Card Link with Apple Pay and Google Pay
Of note, the integration of Coinbase cards with Apple Pay and Google Pay will use tokenization to maintain the security of sensitive card information and allow safe purchases. Additionally, those whose cards get approved can begin using them immediately even if they have not received their physical cards. Receipt of the physical card does not mean users must have them to make payments at the POS.
Nevertheless, Coinbase card’s rivals including Mastercard and Gemini have not backed out of the competition. The two have partnered and are making plans for releasing credit cards that reward users with returns worth 3% of bitcoin used. BlockFi has also taken on this trend and is working towards similar cards.
The spending enticements by the card companies are expected to lure US citizens into using them despite unfavorable legislation regarding crypto regulation and taxation. Bitcoin and other crypto are also increasingly being viewed as assets rather than exchange mediums. This further fuels the popularity of crypto payments.
Coinbase aims at developing more ways to ease the spending of crypto in everyday life activities while maximizing on crypto rewards.
In their announcement, Coinbase said that card users can immediately start using the service on Apple Pay. Card users can also utilize the card’s conversion system for ATM withdrawals. Instructions on the integration of Coinbase cards with Apple Pay and Google Pay are available on the Coinbase blog.