Coinbase debit card now works with Apple Pay
Coinbase’s Visa debit card will sync with Apple Pay and Google Pay, the crypto exchange said Tuesday.
As competition for crypto payments is expanding, more and more companies are joining the relly and taking steps toward cards for payments.
The exchange said in a blog post it will begin offering cash-back spending reward features to waitlisters this week.
The debit card issued by Coinbase works by converting users’ cryptocurrency balances to fiat at point of payment, allowing them to essentially pay with crypto at any card-accepting merchant. Notably, it claims to provide 4% rewards in XLM and 1% in BTC.
Payment card provider Mastercard and Gemini exchange are preparing to unveil a crypto credit card with 3% bitcoin returns. And BlockFi, too, has a rewards-fueled crypto credit card in the works.
As bitcoin becomes ensconced as an asset rather than as a medium of exchange in the minds of most users, the spending enticements could move the needle on crypto payments despite unfavorable U.S. tax laws.