Coinbase Visa debit cards will now work with Apple Pay and Google Pay, the crypto exchange platform announced Tuesday. The company said it will be inviting select U.S. customers (with the exception of Hawaii) off the waitlist to begin earning up to 4% back in crypto rewards. Coindesk reported that a variation was rolled out in Europe in 2019.
Coinbase Card works just like any other debit card at the point of sale, noted Coindesk, with users able to spend their digital currency everywhere Visa debit cards are accepted. Instead of drawing funds from your bank account, however, the card pulls money from your cryptocurrency wallet.
Rewards include 4% back in Stellar Lumens and 1% back in Bitcoin. Users can pay with contactless, a PIN or withdraw cash from any ATM. They can also select which crypto to pay with through the app.
Coinbase isn’t the only platform offering crypto debit cards. Crypto.com is one of the first exchanges to offer a debit card and accepts over 90 cryptocurrencies. Coindesk also pointed out that Mastercard and Gemini are prepared to launch a crypto credit card with 3% back in Bitcoin or other cryptocurrencies, with more than 250,000 having already joined the Gemini Credit Card waitlist.
“We see these as having the potential to be used by consumers and merchants in the same way as existing fiat currencies are,” says Nikola Plecas, head of new payment flows, Visa Consulting and Analytics, Europe at Visa, as reported by Forbes. “And when it comes to areas of opportunity, there are many for organizations such as ours.”
Coinbase announced that users can immediately begin using their cards with Apple Pay, reports Coindesk, and the waitlist is still open for U.S. customers.
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Last updated: June 7, 2021