How do Apple Pay, Google Pay, and Samsung Pay work with Bitcoin?
August 25, 2021 by NOWPayments.io
As time goes by, Bitcoin keeps on proving that it is more than just another speculation tool. Once institutional investors demonstrated a keen interest in cryptocurrency, more people started using it as a store of value and a reliable payment tool.
The financial industry giants such as VISA and MasterCard opened their doors to digital currencies and added settlements in crypto to their system. Today PayPal accepts Bitcoin as a payment option and allows its users to buy cryptocurrency in a matter of a few clicks. However, only a few years ago, that would seem impossible. On top of that, quite a few governments, including China, Russia, and many European countries, have started flirting with the idea of issuing their own Central Banks Digital Currencies.
Ever since digital currencies became the main talk of the town, more and more payment providers are integrating crypto-focused solutions into their systems. At the moment, not only can you buy Bitcoin with Google Pay, but also purchase goods and services using both of them. And there’s more to it.
Have you ever thought of paying for goods and services via Apple Pay and Bitcoin? And what about Samsung Pay and Bitcoin? Well, in case you haven’t, it’s time to reconsider your conservative beliefs and try something new. Cryptocurrencies are rapidly becoming a part of our everyday routines, and there’s no doubt that the payment industry is about to change drastically.
How to Buy Bitcoin With Apple Pay?
Technically, Apple Pay and Bitcoin are both payment methods, but you can actually use Apple Pay to buy crypto. Although this concept might sound slightly confusing, purchasing Bitcoin with Apple Pay is no more complicated than using your credit or debit card to do so. You just need to find the place that accepts it.
Major cryptocurrency exchanges like Binance or Coinbase do not support Apple Pay just yet, but rumor has it that it might change in the near future. As of now, you can use platforms like Coinmama, Paxful, or MoonPay to get your shiny new coins via the Apple Pay payment method. Some instant exchanges and cryptocurrency wallets with crypto on-ramp functionality allow using Apple Pay to purchase Bitcoin too. Besides, a few companies like BitPay devoted to supporting payment method diversity already enable their customers to pay for crypto using any of the three checkout options. Apple, Google, or Samsung Pay are also available for users of the US-based crypto exchange CoinZoom. And the list of companies continues to grow.
If you haven’t used any of these platforms yet, prepare to go through a standard KYC procedure. Typically, you’ll need to provide a photo of your ID and take a selfie with the document. In rare cases, you might be asked to share some additional info, such as proof of address, while some exchanges have a KYC-free policy for small crypto purchases. Once you successfully pass all the verification procedures, simply choose Apple Pay when paying for crypto.
How to Pay With Bitcoin Using Apple Pay?
Alternatively, it is also possible to pay for goods and services with Bitcoin and other crypto using Apple Pay. For that, you’ll need to get a prepaid card connected to your cryptocurrency wallet. Coinbase, BitPay, Nexo, Wirex, CryptoPay, and other crypto-related companies are issuing Visa and MasterCard cards that work with Apple Pay. These cards function like your regular debit cards, but their balance is linked to your cryptocurrency wallet.
Whenever you’re using the crypto card, the corresponding amount of Bitcoin (or another coin of your choice) is deducted from your account according to the current crypto-to-fiat exchange rate. The whole process is no different from standard payment procedures, and it is very likely that using Bitcoin to pay via the Apple Pay in online and offline stores method is soon going to be quite common.
Another good news about cryptocurrency debit cards is that they make it possible to use Google Pay to pay with cryptocurrency. Although it depends on the issuer, most of the cards support Samsung Pay for cryptocurrency settlements.
The Bottom Line
Cryptocurrency adoption is no longer a vague idea cherished by a group of Bitcoin advocates. Today you can find multiple platforms that allow you to buy cryptocurrency using various payment methods from credit cards to Google, Apple, and Samsung Pay. And it is possible that using iPhones or Android phones to pay with cryptocurrency for daily necessities will become our regular daily routine.
Currently, the global cryptocurrency-focused payment infrastructure is not fully developed yet. There are still a lot of payment providers, as well as regulators, that do not recognize Bitcoin and altcoins as legitimate mediums of exchange. However, it’s only a matter of time before cryptocurrency tech takes over the outdated financial system and brings the payment industry to the next level.
Read this article and more in the NOWPayments blog: How do Apple Pay, Google Pay, and Samsung Pay work with Bitcoin?
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