Coinbase Debit Card Now Compatible with Apple Pay

Coinbase said on Tuesday that its Visa debit card will be compatible with Apple Pay and Google Pay.

In addition, Coinbase said in a blog post that it will begin offering cash back on spending rewards to users on a waiting list this week. The card is available throughout the United States (except Hawaii); it is a variant that was launched in the European market in 2019.

The debit card works by converting a user’s cryptocurrency balance (such as Bitcoin) into fiat currency at the point of sale, allowing users to pay with crypto at any merchant that accepts credit cards. Notably, it promises 4% returns on XLM and 1% returns on Bitcoin. Most debit cards don’t have cashback features, let alone in the crypto industry.

But competition in cryptocurrency payments is heating up.

Mastercard and Gemini are preparing to launch a cryptocurrency credit card with a 3% yield. BlockFi is also developing a cryptocurrency credit card with a rewards mechanism. In the minds of most users, Bitcoin has become an asset rather than a medium of exchange. Although the US tax law is not very favorable to cryptocurrencies, the temptation of consumption may drive the development of cryptocurrency payments.

Coinbase said on Tuesday that approved users can start using Apple Pay immediately.

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