In early June, exchange Coinbase announced the integration of its debit card with Apple Pay. Users of the service can also take advantage of the cashback feature.
On the first day of June, the Coinbase exchange announced that users of the exchange’s dedicated debit card, called CoinbaseCard, can make payments using Apple Pay. This is groundbreaking news that greatly pleased digital asset holders who believe in virtual coins as the new standard of financial life.
The news was published by Coinbase via Twitter as well as its official blog. It said that from the beginning of the month, the exchange will invite selected customers from the waiting list for the card to start using the service. Interestingly, this will be before the card is physically in the hands of its user.
Cashback an essential part of the payment system
As you know, transferring funds using cryptocurrencies involves transaction fees. Such are present in the existing service associated with the Coinbase debit card, and similar ones will remain in the Apple Pay service. However, the high cost, which can be considered as 2.75% here, can be compensated by cashback. This comes in the form of 1% cashback in Bitcoin to as much as 4% in Stellar. Using the card with Apple Pay therefore becomes a very interesting solution. The important thing is that payments can be made in multiple coins, and transaction fees can even be avoided altogether by using USDC for this purpose.
Cryptocurrency progress is becoming a reality
Although similar innovations are already occurring in the financial space, a player like Coinbase providing this kind of service significantly improves the affordability of cryptocurrencies. From now on, using both Apple Pay and Google Pay, you will be able to make all kinds of purchases at any store that accepts contactless payments. It is worth mentioning that you can also use ATMs and withdraw the accumulated funds. However, the target payment scheme involves the conversion of cryptocurrency into the fiat currency of the region.
Adoption is coming slowly
A cryptocurrency-based payment system is an element that has constantly guided both the idea of Satoshi Nakamoto creating the Bitcoin network, as well as almost every developer of any other cryptocurrency. Coinbase’s ability to integrate its debit card with Apple Pay is another positive sign of progressive adoption. Of course, we would like to see a system where cryptocurrencies are not converted to fiat currencies. However, this requires further implementation steps and belief in cryptocurrencies among a much larger population of the globe than is already the case. In the meantime, we see that adoption is a long road made up of smaller or larger steps. Throughout this marathon, we can confidently say that this is one of those bigger steps. The mere fact that brands like Coinbase and Apple have come together gives a green light on the way forward. With this kind of backing, the world of cryptocurrencies can take a significant boost in the near future.