Coinbase Exchange has announced that it has integrated Google Pay and Apple Pay into its payment card. This will allow online shoppers to pay on both payment platforms with their Coinbase card, while getting refunds in the process.
The Coinbase card works with VISA debit card services that base their rewards on cryptocurrency rather than fiat currency. The card allows its holders to spend their crypto tokens anywhere Visa cards are accepted.
Holders will earn 4% on Stellar and 1% on Bitcoin
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This card is a bit different from other crypto-based debit cards because it allows direct spending from the user’s Coinbase account.
The card allows its holders to earn approximately 4% in Stellar Lumens (XLM / USD) and 1% in Bitcoin (BTC / USD) as a reward. Currently, it supports around 30 different cryptocurrencies.
On Tuesday, Coinbase announced the new feature in a blog post, stating that clients selected on the waiting list will begin earning crypto rewards on their transactions starting in June.
Additionally, the exchange, which is the largest in the US, said it will allow users to make fiat purchases and ATM withdrawals by converting crypto to fiat and transferring the funds to their Coinbase account.
The service is only available in the US for now
The company’s Visa debit card was launched in April 2019 in the UK to make it more convenient to complete transactions for goods and services using cryptocurrencies. After introducing the service in the UK, it was launched in major European countries.
However, it wasn’t until October last year that users of the US-based exchange were able to enjoy the service. The recently launched card rewards program will also be available only to US customers for now. But in the future, it also wants to extend the service to other countries.
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