A few months ago, mobile payments platforms like Apple pay, Samsung Pay, and Google Pay announced that users would be able to use cryptocurrency on their platforms.
Coinbase, on Tuesday, announced that its Visa debit card will be able to pay for services available on Apple Pay and Google Pay. In a blog post released by Coinbase, the company revealed that it will start offering cash-back spending reward features this week to people on the waiting list. “You can now use your Coinbase Card with Apple Pay and Google Pay to make it even easier to spend crypto at home and on the go. Starting this week, we’ll invite select customers off the waitlist to begin earning up to 4 percent in crypto rewards. If you’re already on the waitlist for Coinbase Card, you’ll soon receive an invitation to apply. If you’re not on the waitlist, join here”, the company’s blog post read.
Coinbase’s Visa debit card is currently available to users in the U.S. The card works by converting the cryptocurrency balances of users into fiat money at the point of sale. This works just like any other card the only difference is that users are paying with cryptocurrency. With Coinbase’s Visa debit card, users can also pay for goods and services with crypto at any accepting merchant.
Coinbase promises a 4 percent reward in Stellar and 1 percent in Bitcoin, which is an amazing offer. Most debit cards do not offer users a cash-back offer and Coinbase is offering a cash-back reward on its debit card and the reward is in crypto.
Competition is beginning to stir up as Gemini and Mastercard have plans on unveiling a crypto credit card that will give users a 3 percent reward in Bitcoin. BlockFi, another crypto platform, is already planning a rewards-driven crypto credit card for its users.
Coinbase also announced on Tuesday that users who have been approved can start to use their cards with the Apple Pay service. The company also revealed that users can begin to spend on Apple Pay and Google Pay and even when they get the physical card, they do not need to worry about taking it around. The company also assured users that their funds and information when using these online services are safe. “Apple Pay and Google Pay use tokenization to keep your card information safe and enable secure purchases”, it said.