- The Coinbase cryptocurrency debit card will be able to be used for mobile payments through Apple Pay and Google Pay
- Mobile payments are increasing globally, and Coinbase is the first company to offer a card that needs no pre-conversion and can be used for mobile payments
- The move marks another step forward for mainstream adoption of cryptocurrency
Coinbase’s cryptocurrency debit card can now be used within Apple Pay and Google Pay, marking a further step towards cryptocurrency adoption. iPhone and Android users can now pay for goods and services through the Coinbase card without first having to convert their cryptocurrency to the local fiat currency first, with Coinbase also offering crypto cashback on purchases.
Coinbase Card Pushes Crypto Adoption To Next Level
The Coinbase card was announced in April 2019 and launched 18 months later, allowing Coinbase users to instantly spend the balance of up to 30 cryptocurrencies (9 in the EU) anywhere that Visa cards are accepted. The launch of a card that doesn’t require pre-conversion was probably the biggest forward step in everyday crypto usage since crypto debit cards were first launched back in 2017, but given the rise in mobile payments it was always going to be something of a holy grail to see the combination of instant conversion and mobile payments.
Fees Could Cancel Out Rewards
Coinbase is the first company to have achieved this holy grail, announcing the development and explaining the process in a blog post yesterday. If the news that mobile cryptocurrency payments with no pre-conversion are finally here isn’t enough to get users excited, Coinbase has an introductory offer of up to 4% cashback on purchases, with cashback paid in the cryptocurrency used.
On the flip side however, although purchases are technically free, a 2.49% ‘crypto liquidation fee’ is applied to all transactions that involve the sale of cryptocurrency, potentially balancing out any rewards gained from the use of the card. So there really is no such thing as a free lunch after all, especially when you use a Coinbase card to pay for it.