Coinbase, a cryptocurrency exchange, has begun allowing US clients to purchase bitcoins using Apple Pay, with Google’s payment service to follow soon. Apple said in a blog post-Thursday that people who have a Visa or Mastercard debit card linked to their Apple wallet will be able to use the digital payments system to make purchases on the platform. In the fall, Google Pay will be integrated into the system.
Coinbase also launched a service that allows users to make fast withdrawals of up to $100,000 per transaction at any time of day, with no restriction on how many times they can cash out.
The crypto exchange claims to be the first to offer instant cash-outs through Real-Time Payments, a clearing network specializing in digital services that guarantee transaction resolution within seconds.
Many Coinbase clients had previously relied on the automated clearing-house system used by banks and other financial institutions, according to the company. Transactions on that network are processed far more slowly, and settlement can take up to five days.
The company also stated that it is the first crypto exchange to enable instant cashouts via Real-Time Payments (RTP), which allows users in the United States with linked bank accounts to cash out up to $100,000 per transaction instantly and securely.
In April, Gemini, the New York-based crypto exchange owned by the billionaire Winklevoss twins, made a similar move, indicating that there is interest in a range of payment options for accessing cryptocurrency.
According to estimates from research firm eMarketer, Apple Pay is the most popular mobile payment service in the United States, with over 44 million users in 2021. Starbucks, Google Pay, and Samsung Pay are all vying for the same market share. With its Nasdaq direct listing on April 14 this year, Coinbase became the first major crypto exchange to go public. From the standpoint of popular adoption and government regulation, its stock market launch was regarded as a key milestone for the crypto economy.
If you find this informative do share your views in the comment box and share them with friends.