It’s been a couple of years since Coinbase, one of the largest cryptocurrency exchanges, launched its own debit card. Thanks to it, users of the service can pay in establishments as normal. Now the company goes one step further, and it has just announced that Coinbase Card ya es compatible con Google Pay y Apple Pay.
What does that mean? In short, it means that we can add this card to our virtual wallet to pay without contact, either with the mobile or with the watch, as long as they have NFC. This new function will begin to be rolled out in the United States progressively and it is expected that sooner or later it will reach all the countries where Coinbase Card is available (Spain among them).
Pay with crypto by bringing your mobile closer
As explained from Coinbase, once the card is approved we can add it to Google Pay and Apple Pay, ergo no need to wait for us to get home. To apply, you just have to join a waiting list and be patient. Once done, we can start using it to pay at any establishment.
To encourage its use, Coinbase has announced a cashback promotion of up to 4%. In this way, if we pay with Google Pay or Apple Pay with the Coinbase Card, we can receive a 1% return in Bitcoin or 4% in Stellar Lumens. It has not been specified whether this promotion is temporary or limited in some way to deployment in the United States.
As for the payment, the truth is that a cryptocurrency transfer is not made as such. In the footer of the statement it is stated that when we make a purchase or withdraw money from an ATM, Coinbase automatically converts all cryptocurrencies to US dollars and will transfer the amount of the card. In other words, the user spends cryptocurrencies and the merchant receives the payment in legal tender.
On the other hand, from Coinbase they warn that there may be some other commission depending on the type of transaction. For example, there is a commission for settlement of cryptocurrencies of 2.49% of the transaction and 1% of the value of the ATM withdrawal when more than 200 dollars / euros are withdrawn per month. All of them are detailed in this link.
More information | Coinbase