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Coinbase Card works with Google Pay and Apple Pay

The Coinbase Card now supports Apple Pay and Google Pay. Interestingly, Coinbase users can make purchases with Google Pay or Apple Pay without a Visa Debit card.

Coinbase accounts will support the payment apps as soon as account holders sign up for them, a Coinbase (NASDAQ: COIN) press release claims. You can sign up for the card as you receive an email invitation for it. Then you can use Apple Pay and Google Pay to pay while you wait the debit card to arrive in the mail.

Google Pay users can add the card in the Google Pay App. Apple Pay users can add the card in either the Apple Wallet or the Coinbase app.

Coinbase Card

Coinbase will automatically convert all cryptocurrency to US Dollars in the Coinbase Card for purchases and ATM withdrawals. Hence, you can use the Coinbase Card to convert your Ethereum (ETH) into US Dollars.

Moreover, Coinbase Card holders can earn up to 4% in crypto rewards. Individuals can earn 1% in Bitcoin (BTC) or 4% in Stellar Lumens (XLM). On 15 June 2021, Coinbase gave Stellar Lumens a Coin Price of 33¢, a Market Cap of $7.7 billion, a 24 Hour Market Volume of $875.3 million and a 23.1 billion XLM Circulating Supply.

In contrast, CoinMarketCap gave Stellar (XLM) a Coin Price of 33.34¢, a Fully Dilluted Market Cap of $16.645 billion, a Market Capitalization of $7.697 billion, and a 24-Hour Market Volume of $866.394 million on the same day.

Mining Crytocurrency through the Coinbase Card

I consider Stellar Lumens an interesting cryptocurrency that could explode in value because of the Coinbase deal. Thus, Coinbase is conducting an interesting experiment by promoting a cryptocurrency by mining it through a Visa card.

 

To explain, Coinbase will mine Stellar and reward its cardholders through with the XLM. Interestingly, Coinbase will also mine Bitcoin (BTC) and use the Bitcoin to reward cardholders.

 

I do not know if the public will accept this effort to popularize cryptocurrency. However, many people could use the Coinbase Card out of convenience.  

 

I think the Coinbase Card will be popular because using it will not affect your credit score. The Coinbase Card has no effect on credit scores because it is a debit card. Additionally, there are no Coinbase Card application fees.

 

MetaBank NA issues the Coinbase Card under license from Visa Inc. (NYSE: V). MetaBank is an FDIC guaranteed financial institution that is a subsidiary of Meta Financial Group Inc. (NASDAQ: CASH).

 

The Marqeta platform supports and powers the Coinbase Card. Marqeta is a card issuing platform.

 

Originally published at https://geekcrunch.reviews on June 15, 2021.