- Coinbase is integrating Apple Pay into its fiat-to-crypto onramp to simplify the process of purchasing digital assets
- The move reduces friction in the onboarding process and leverages Apple Pay’s security and convenience
- This initiative aligns with Coinbase’s broader mission to make cryptocurrencies accessible to a wider audience
Coinbase has revamped its fiat-crypto onboarding process, giving it a new name, Coinbase Onramp, and adding Apple Pay. The addition of the popular payment platform will massively
enhance the user experience when purchasing digital assets, reducing clearance times and cutting back on regulatory hurdles. Coinbase added Apple Pay for existing users in 2021, but this addition to its onramp service will make it easier for new customers to buy crypto as well as existing ones.
Coinbase Aims to Reduce Onboarding “Headaches”
The forthcoming integration of Apple Pay was reported by The Block, which noticed the chance in some developer code. Coinbase confirmed that it has begun testing its Apple Pay integration before Thanksgiving to a “select group of clients,” with a wider rollout planned.
The company explained the benefits of using Apple Pay, stating in documentation, “Onboarding to crypto can be a pain for your users: it can take a long time, require them to go through lengthy KYC (often requiring back and forth interactions), and use multiple apps to name just a few of the headaches.”
By incorporating Apple Pay into its fiat-to-crypto onramp, Coinbase not only minimizes the KYC it needs customers to carry out but it also offers a seamless and secure transaction experience. The move reflects Coinbase’s commitment to making digital asset acquisition more accessible to a broader audience.
Enhancing User Experience
The integration, which is being introduced at the same time as a rebrand to Coinbase Onramp, allows users to purchase cryptocurrencies directly through Apple Pay, utilizing saved debit or credit card information for swift transactions. Coinbase emphasizes that this feature provides a “more secure and private” method for buying crypto, as card numbers are neither stored on devices nor on Apple servers. Instead, a unique device account number is assigned, encrypted, and securely stored.
This development follows Coinbase’s previous collaborations aimed at expanding payment options; in June, it partnered with Stripe to integrate fiat-to-crypto on-ramps, allowing users to purchase crypto with credit cards and Apple Pay. Such partnerships are part of Coinbase’s strategy to enhance user accessibility and streamline the crypto purchasing process.
The integration of Apple Pay is expected to attract a wider user base by simplifying the process of acquiring digital assets. By leveraging familiar payment methods, Coinbase aims to demystify cryptocurrency transactions and encourage adoption among users who may have been hesitant due to perceived complexities.
