Cryptocurrency exchanges are introducing various ways to buy Bitcoin (BTC) using the Apple Pay payment method. This comes as a good move for Bitcoin adoption since the Apple Pay digital wallet accounts for more than 507 million mobile wallet downloads and a dominating market share of 43.5% in the United States mobile payments market.
This ability to now integrate and buy Bitcoin with Apple Pay paves new crypto opportunities for iPhone users. This article explains how to purchase Bitcoin and other cryptocurrencies using Apple Pay.
What is Apple Pay digital wallet?
Apple Pay, introduced in 2014, is a mobile payment service for web payments using iOS and is supported by Apple products. It is most commonly used as an Apple Pay application on iPhones and Apple watches. It allows users to pay for music, movies and apps with one simple touch.
With the introduction of Near Field Communication (NFC) technology, offline stores are also now accepting Apple Pay leading to a surge in Apple Pay contactless payments. NFC is a proximity-based wireless connectivity technology that utilizes magnetic fields to enable communication between devices when they are brought near each other. Apple Pay is supported by thousands of apps and offline stores worldwide, allowing users to purchase numerous goods and services, as well as buy Bitcoin with their iPhone and Apple Watch using NFC.
Various ways to buy Bitcoin with Apple Pay
While Apple does not directly have a Bitcoin or crypto integration on its devices, many popular applications and platforms facilitate transactions or transmissions of cryptocurrency. Here are the various ways to buy Bitcoin using Apple Pay.
Buy Bitcoin with Apple Pay through Coinbase
Coinbase is a U.S.-based crypto trading and investment platform which offers a range of services and enables users to buy, sell, exchange and store cryptocurrencies. Coinbase has been expanding its presence in the cryptocurrency space through partnerships with major giants like Visa and Mastercard for offering on and off ramp crypto trading through instant purchases with credit and debit cards.
To enable a more convenient option for iOS users, Coinbase in June 2021 introduced the purchase of Bitcoin using Apple Pay linked to a debit card. However, selling crypto and cashing out options are not available with this mode yet.
Steps to buy Bitcoin using Apple Pay on Coinbase
- Login to the Coinbase account on the website or app using a device supporting Apple Pay.
- Select Bitcoin in the…