Coinbase — the biggest U.S. cryptocurrency exchange — is supporting both Google Pay and Apple Pay with the Coinbase Visa debit card to facilitate the spending of cryptocurrency for everyday purchases and bill payments.
“Mobile phone payments are growing steadily in the U.S., up 29 percent in 2020. Millions of people around the world use Apple Pay or Google Pay for everyday purchases, from grocery deliveries to pet supplies to home office goods,” according to a Coinbase blog poston Tuesday (June 1).
Users earn 4 percent back in crypto rewards when the Coinbase Card is used with Apple Pay or Google Pay. The debit Visa card is issued by MetaBank and powered by Marqeta.
“Using Coinbase Card with Apple Pay and Google Pay makes it even easier to spend and grow your crypto. This is just the beginning — we’ll continue to build more ways for you to maximize crypto rewards and easily use crypto in your everyday life,” according to the post.
When transferring crypto to the Coinbase Card, the funds are automatically converted from cryptocurrency to U.S. dollars, minus conversionfees. The company points out that when a user makes a purchase using the Coinbase Card (other than in USD Coin), it will usually result in acapital gain or loss.
The IRS classifies cryptocurrency as “property” for tax purposes, per Coinbase. Each time a person uses the Coinbase Card for purchases, it is similar to selling the cryptocurrency on the Coinbase exchange.
Coinbase launched the U.S. version of itsdebit Visa cardin October 2020 with a waitlist. The card was also launched in nearly 30 other countries.
Coinbasepartnered with PayPalin April to facilitate the buying and selling of cryptocurrency in the U.S. It plans to offer the new PayPal program to other countries in the coming months.
Joint researchfrom PYMNTS and Bitpay showed that 12 percent of consumers — projected to be about 30 million — currently own one or more cryptocurrencies. Some 4.5 percent (11.5 million) have owned crypto in the past and 17 million non-owners indicated they would consider using cryptocurrency for making purchases.
FAQs
You can use your card immediately by viewing the number through your Coinbase account or by adding your card to Apple Pay or Google Pay.
Does Coinbase accept Google Pay? ›
Apple Pay is not available on Chrome browser at this time. If a Visa or Mastercard debit or credit card is already added to your Google Wallet, Google Pay can automatically be used to buy crypto on Coinbase from an Android device (or supported browsers like Chrome, Samsung Internet, and Microsoft Edge).
How do Apple Pay and Google Pay handle sensitive card info? ›
Apple Pay and Google Pay use tokenization, which changes real card numbers into different, unique codes to keep information safe. Both systems rely on NFC technology to let users pay with a tap, transmitting encrypted data for secure transactions.
Why is Coinbase not accepting my debit card? ›
Note: Sometimes, technical issues or bugs in the Coinbase platform can prevent you from adding a payment method. To fix this, double-check the information you're entering, complete any required verifications, ensure your location allows the payment method, and try again.
Can you use crypto card on Apple Pay? ›
It only takes a few simple steps to add your Crypto.com Visa Card to Google Pay and Apple Pay: Please note that the Google Pay and Apple Pay integration is only available for EU-issued Crypto.com Visa Cards (excludes UK-issued cards).
Can you withdraw cash from a Coinbase card? ›
You can withdraw cash from ATMs using your Coinbase Card with no fees from Coinbase; however, the ATM may charge a fee.
Can I buy crypto through Google Pay? ›
If you're a Google Pay user and want to use it to buy Bitcoin and other cryptocurrencies, you're in luck. BitPay offers not one, but two simple methods to add to your crypto holdings with Google Pay. You now have the option to buy either through the BitPay Wallet app or on the BitPay website.
Is Google partners with Coinbase to accept crypto payments? ›
Google said Tuesday that it will rely on Coinbase to start letting some customers pay for cloud services with cryptocurrencies early in 2023, while Coinbase said it would draw on Google's cloud infrastructure.
Why can't I cash out Coinbase? ›
When you use a linked bank account (ACH) to buy crypto or add cash to your account balance, the funds are placed on hold and won't be immediately available to send or cash out. Think of this like depositing a check to your bank account and having to wait for it to clear before you can remove the funds.
Is Google Pay or Apple Pay more accepted? ›
Google Wallet has been around a while longer than Apple Pay, meaning it's accepted at more places, at least for now.
Payment method encryption: Since Google Pay doesn't store your card details on your device, no one can access your info, even if it's unlocked. Learn more about automatic security features.
Is it more secure to pay with Google Pay? ›
How safe is Google Pay? Google Pay protects your payment info with multiple layers of security, using one of the world's most advanced security infrastructures to help keep your account safe. When you pay in stores, Google Pay doesn't share your actual card number, so your information stays secure.
How do I add a Coinbase card to Apple Pay? ›
Within the Coinbase app, you'll have the option to add your card to Apple Pay as soon as you're approved for your card. You can also add your card to Apple Pay within settings: from your card home, tap Manage then tap Add to Apple Wallet.
What payment methods does Coinbase accept? ›
Payment methods for US customers
| Best for | Buy |
|---|
| Debit Card | Small investments and cashouts | ✔ |
| Wire Transfer | Large investments | ✘ |
| PayPal | Small investments and cashouts | ✔ |
| Apple Pay | Small investments | ✔ |
3 more rowsThere are two common reasons for this:
Sometimes, we need more information to confirm you own the payment methods on your account. If you haven't already, please upload an ID document for each person with verified information on your Coinbase account. This helps speed up our review process.
Can you pay with Coinbase card? ›
Coinbase Card allows residents to spend crypto (including USDC) and local currency wherever Visa cards are accepted. It can be used for both cash and cryptocurrency (crypto) transactions. There's no application fee or credit check during the application process. Apply: Eligibility, applying and card delivery.
Where can I use my Coinbase debit card? ›
Where is Coinbase Card accepted? Coinbase Card is accepted anywhere Visa® debit cards are accepted, at over 40M+ merchants worldwide.
Can I pay using Coinbase Wallet? ›
You can make a payment with any balance from your Coinbase.com account. To do so, select “Pay with your Coinbase account,” sign in, select an asset, and submit your payment. It's that simple. Otherwise, you can connect your personal crypto wallet and pay with funds there.
What wallet can I use with Coinbase? ›
If you're a Coinbase customer, you have your choice of a hosted wallet or a self-custody wallet. The Coinbase app, where you buy and sell crypto, is a hosted wallet. You can also download the standalone Coinbase Wallet app to take advantage of the benefits of a non-custodial wallet.
