Coinbase, a leading US-based cryptocurrency exchange, has fully integrated Apple Pay into its Onramp app services, aiming to streamline and accelerate fiat-to-crypto transactions.
This move enhances the user experience by making the process quicker and more intuitive.
With over 60 million active users in the US and more than 500 million globally as of 2023, Apple Pay's widespread adoption further strengthens the integration's potential.
Beginning 2 December, users of apps built with Coinbase Onramp can log in and complete transactions directly through Apple Pay, with no action required from app developers.
This development addresses key pain points, such as lengthy Know Your Customer (KYC) procedures and the need to switch between multiple apps, which often lead users to abandon the process.
By bringing Apple Pay to Coinbase, the integration positions the exchange to solidify its dominance in the US crypto market.
Coinbase Onramp, previously known as Coinbase Pay, is a powerful tool that enables seamless crypto purchases within apps and websites.
By offering a simplified KYC process for eligible users, it streamlines onboarding and lowers entry barriers to the crypto space.
The integration with Apple Pay is straightforward for both developers and users, but its potential to disrupt the market is significant.
With one of the largest user bases among application storefronts, Apple's iOS platform offers a massive opportunity to drive crypto adoption.
Onramp's user-friendly design enhances the appeal of Web3, crypto, and blockchain interactions, providing a sense of familiarity and security to users unfamiliar with the complexities of the industry.
Notably, the integration includes free USD Coin transactions for both on and off-ramping, along with access to over 60 fiat currencies, regulatory compliance, and support for more than 100 cryptocurrencies across 20+ blockchains.
Coinbase Onramp allows developers to integrate crypto purchasing tools directly into third-party applications, such as self-custody wallets or decentralised finance platforms.
With the added support of Apple Pay, users can now seamlessly buy cryptocurrencies using a payment method familiar to millions of iPhone owners.
This integration addresses common challenges, such as the complexities of converting fiat to digital assets.
By leveraging Apple Pay's security features, Onramp enables users to complete transactions in seconds, significantly improving the user experience.
The primary goal is to simplify entry into the crypto market by streamlining processes like linking bank accounts and navigating KYC verifications.
Coinbase noted:
“The process has a lot of friction, and as a result, users abandon ship. But not with Coinbase Onramp.”
It added:
“Coinbase Onramp takes the hassle out of fiat-to-crypto conversions with lightweight KYC for eligible purchases, free USDC on and offramping, and access to the most popular payment methods.”
The enthusiasm from the crypto community, as reflected on social media, underscores the impact of this development.
According to Coinbase, existing Onramp users need not take any action to access Apple Pay, as it will automatically appear as a payment option for eligible purchases.
While the integration eliminates much of the cumbersome KYC process that can deter users, it still maintains lightweight KYC checks to meet regulatory requirements without causing delays.
The response has been overwhelmingly positive, with many users expressing excitement that this partnership could accelerate crypto industry growth.
Some even referred to it as the "digital marriage of the century," while others, like EveryBiz, believe it could be a game-changer.
Ultimately, this collaboration represents a key move toward bridging traditional finance with blockchain technology, offering the market easier access to digital assets when demand is at an all-time high.
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