Coinbase Bridges Crypto and Fiat with Apple Pay Integration for iPhones

• Coinbase has integrated Apple Pay into its On-ramp to enable over 500 million active users to purchase crypto seamlessly. 
• The exchange recently partnered with VISA to enable users to deposit funds into their accounts using eligible debit cards. 

Coinbase has announced the integration of Apple Pay support to its Onramp platform after extensive deliberation. According to the report, third-party app users, including self-custody wallets, would now have the luxury of purchasing crypto via Apple’s payment service.

Delving into this, we discovered that Apple Pay has more than 500 million active users. Fascinatingly, it holds more than 90% of the market shares in the US for contactless payment. Its consideration was partly based on the fact that it is connected to users’ bank accounts and effectively has Know-Your-Customer (KYC) verification checks.

Commenting on this, the head of Coinbase’s developer platform, Nemil Dalal, disclosed that this initiative is meant to simplify the process of allowing users to exchange fiat for crypto.

What on-ramp products do, in general, is they allow you to bring fiat into crypto. And historically, this has been a painful process. With Onramp, the idea is that in a matter of seconds, with a familiar wallet experience that 60 million Americans are already used to using Apple Pay, you can hook up your bank account, move money on-chain, and then go do whatever you want.

Recently, Coinbase announced a reward system where users earned rewards for holding USDC on-chain. However, this could be ended abruptly over regulatory concerns as recently reported by CNF.

Before that, the crypto exchange acquired Utopia Labs to boost its on-chain payment roadmap. At that time, head of Base and Coinbase Wallet Jesse Pollak wrote that this acquisition would accelerate its goal of facilitating transactions instantly and at a lower cost to everyone worldwide.

Coinbase Partnership with VISA

In October, Coinbase announced a strategic partnership with Visa, a leader in digital payment. This partnership ensured that customers across the European Union and the US could access real-time, reliable, and secure crypto movement. Coinbase customers could deposit funds into their Coinbase accounts using eligible Visa cards.

Commenting on this, Head of Visa Direct, North America for Visa Yanilsa Gonzalez Ore disclosed that this initiative would create an avenue for users to trade day and night.

We are thrilled to be partnering with Coinbase to help service their customers’ money movement needs. Providing real-time account funding using Visa Direct and an eligible Visa debit card means that those Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night.

Analyzing this partnership, we uncovered that customers would now have the opportunity to:

• Withdraw funds from Coinbase to a bank account using an eligible VISA card.
• Directly purchase crypto on Coinbase using the VISA debit card.
• Transfer funds into their Coinbase accounts using VISA cards.

According to the senior director of product management at Coinbase Akash Shah, this feature would accelerate the realization of its mission to increase economic freedom around the world.

The integration with Visa Direct gives our eligible customers real-time 1 access to their funds for trading. By enabling them to move money seamlessly and control their finances, we are delivering the trust, security, and flexibility they expect.