Cryptocurrency exchanges are now offering users the ability to purchase Bitcoin (BTC) using Apple Pay. This is a significant development for Bitcoin adoption, as Apple Pay has a dominant market share in the mobile payments market in the United States. With this integration, iPhone users can now explore new opportunities in the crypto space. This article provides a guide on how to buy Bitcoin and other cryptocurrencies using Apple Pay.
What is Apple Pay?
Apple Pay is a mobile payment service introduced by Apple in 2014. It allows users to make web payments using iOS and is mainly used as an application on iPhones and Apple Watches. Users can conveniently make payments for music, movies, apps, and more with just a single touch.
Apple Pay has gained popularity with the introduction of Near Field Communication (NFC) technology. This technology enables offline stores to accept Apple Pay, leading to a surge in contactless payments. NFC utilizes magnetic fields to enable communication between devices when they are brought close together. Apple Pay is supported by thousands of apps and offline stores worldwide, allowing users to purchase various goods and services, including Bitcoin, using their iPhones and Apple Watches through NFC.
Various Ways to Buy Bitcoin with Apple Pay
While Apple does not have a direct integration for Bitcoin or cryptocurrencies on its devices, many popular applications and platforms facilitate crypto transactions. Here are some ways to buy Bitcoin using Apple Pay.
Buy Bitcoin with Apple Pay through Coinbase
Coinbase is a US-based crypto trading and investment platform that offers a range of services. Users can buy, sell, exchange, and store cryptocurrencies on Coinbase. The platform has expanded its presence in the cryptocurrency space through partnerships with major companies like Visa and Mastercard, allowing instant purchases with credit and debit cards.
To provide a more convenient option for iOS users, Coinbase introduced the ability to purchase Bitcoin using Apple Pay linked to a debit card. However, selling crypto and cashing out options are not available with this mode yet.
Here are the steps to buy Bitcoin using Apple Pay on Coinbase:
1. Log in to your Coinbase account on the website or app using a device that supports Apple Pay.
2. Select Bitcoin from the list of available cryptocurrencies.
3. Enter the amount of Bitcoin you want to purchase in the “Buy BTC” option.
4. Choose Apple Pay as the payment method from the available options.
5. Confirm the Bitcoin purchase using Apple Pay.
It’s important to note that Apple Pay will appear as a payment option automatically if a Visa or Mastercard debit card is linked to the Apple Pay digital wallet. If not, make sure to link a debit card before following the above steps. The purchase limit for BTC using Apple Pay on Coinbase depends on the debit card’s transaction limit and Coinbase’s limits, and it may vary based on policy and geographical region.
Buy Bitcoin with Apple Pay on Binance
Binance, a popular cryptocurrency exchange, introduced Apple Pay integration for buying cryptocurrencies using credit and debit cards in the United Kingdom and the European Economic Area (EEA). In December 2022, Binance announced the availability of Apple Pay (for debit cards only) to deposit USD and purchase crypto for US account holders.
Here are the steps to buy Bitcoin using Apple Pay on Binance:
1. Log in to the Binance app on your iOS device.
2. Click on “Wallet” and select US dollar to deposit USD.
3. Click “Add Payment Method” and add Apple Pay.
4. Enter the amount of USD and tap “Deposit.” Choose Apple Pay as the payment method.
5. Proceed to purchase BTC or other cryptocurrencies with the deposit.
It’s important to note that Apple Pay for the US only works with debit card integrations, while credit cards are an additional option for the UK and EEA. There is a fee of 3.75% applied to the deposit amount when using Apple Pay in the US and approximately 2% per transaction in the UK, subject to change based on policy.
Buy Bitcoin with Apple Pay on BitPay
BitPay, based in Atlanta, Georgia, is the largest Bitcoin and cryptocurrency payment service provider. It enables businesses, merchants, and institutions to accept cryptocurrency payments and convert them to fiat currencies. BitPay gained popularity for its low transaction fees compared to credit cards.
BitPay added Apple Pay as a payment option in 2021, allowing users to buy, exchange, and shop with BTC and other cryptocurrencies using the Apple Pay digital wallet. In-app crypto purchases are not available yet, but contactless crypto purchases using NFC can be made in-store and online using Apple Pay on supported devices.
In addition to Bitcoin, BitPay supports stablecoins like USD Coin (USDC) and BinanceUSD (BUSD) for Apple Pay purchases. Users need to add their BitPay crypto debit card to Apple Pay and can then use Bitcoin to make purchases wherever Apple Pay is accepted globally. BitPay partnered with Simplex and Wyre to enable these Apple Pay payments.
Here are the steps to buy Bitcoin using Apple Pay on BitPay:
1. Log in to the BitPay app.
2. Load BTC on your BitPay debit card.
3. Add the BitPay Card to Apple Pay in the BitPay App.
4. Use the BitPay card BTC funds to make purchases using Apple Pay.
Buy Bitcoin with Apple Pay using MetaMask
MetaMask, a popular Ethereum cryptocurrency wallet provider, now allows users to purchase cryptocurrencies via Apple Pay. MetaMask announced its Apple Pay support in April 2022. Users are redirected to Wyre, a cryptocurrency exchange that integrates with Apple Pay, to make the payment via credit/debit card or Apple Pay.
MetaMask users can deposit a maximum of $400 per day into their wallet using Apple Pay. MetaMask charges a gas fee and its own transaction fees (0.875% of the transaction amount). Purchasing crypto through MetaMask allows users to use it across different decentralized applications (DApps) and Web3 services where MetaMask is available. In-store contactless purchases are not available through this method yet.
Here are the steps to buy Bitcoin using Apple Pay through MetaMask:
1. Log in to your MetaMask account on the browser or app.
2. Set up Apple Pay via the app.
3. Ensure Know Your Customer verification on the card connected with Apple Pay.
4. Tap “Add Funds,” click “Buy BTC,” and enter the amount.
5. Select Apple Pay as the payment method.
6. Authenticate and complete the transaction.
Other Platforms to Buy Bitcoin with Apple Pay
Apart from the methods mentioned above, there are several other wallets, exchanges, and platforms where users can buy Bitcoin with Apple Pay. Some of these platforms include Exodus, Paxful, CEX.io, Lumi Wallet, and Crypto.com. Users should familiarize themselves with the terms, conditions, and fees associated with each platform before selecting their preferred method.
Should You Buy Crypto with Apple Pay?
Whether or not users should choose to buy Bitcoin and other cryptocurrencies using Apple Pay depends on their individual circumstances. There are both benefits and drawbacks to consider.
The positives include quick, easy, and straightforward transactions. Apple Pay’s contactless payment method technology is widely accepted by US retailers for fiat payments. This user preference is reflected in the increasing number of crypto platforms, exchanges, and wallets that are integrating Apple Pay.
However, users should be cautious of potential risks such as scams, hacks, malware, and crypto volatility. It’s important to make informed decisions and conduct thorough research before using any crypto payment method.
Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making any decisions.