Google Pay and Apple Pay Begin to Accept Cryptocurrencies in Their Transactions
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Users of both Google and Apple will be able to exchange cryptocurrency thanks to a partnership with Coinbase.
Google and Apple customers can now add the Coinbase Card to their mobile payment options, meaning that goods and services can be purchased through smartphones using cryptocurrencies such as Bitcoin, Ethereum, Dogecoin and others.
To request the card you have to go to the official Coinbase page to join the waitlist. To incentivize users to add it to their wallets, the cryptocurrency wallet announced up to 4% crypto rewards to those who use "the plastic" in Google and Apple payment services.
Do users really pay with cryptocurrencies?
Yes and no. The truth is that Coinbase converts your cryptocurrencies into legal tender money like dollars. That is, when users make a purchase or withdraw money from an ATM, the company will convert the digital assets into US dollars.
Image: via Coinbase
The digital asset wallet warns that this implies the payment of a fee or a commission according to the type of transaction carried out by the user. If you want to know what the types of commissions are, the company details them on its website.
In other words: You do pay with cryptocurrencies, but the merchants receive the payment in an ongoing legal currency.
Is this option already available worldwide?
No, so far this feature is only available in the United States. It is limited to select users chosen by Google and Apple.