Coinbase Integrates Apple Pay into Onramp, Shifts Focus from Turkey Expansion

2 min read | December 03, 2024 02:49 PM AEDT | By Team Kalkine Media

Google News:

Coinbase Integrates Apple Pay into Onramp, Shifts Focus from Turkey Expansion — Image source: Shutterstock

Recent News

Why REIT Income Remains a Key Focus on ASX 200

Defensive Strength ASX 200 Hidden in Infrastructure Assets

Can ASX 200 Banking Giants Shape Retirement Security?

Can ASX 200 Wealth Leaders Shape Australia’s Retirement Future?

Make Kalkine Media
My Trusted Source

Highlights

Coinbase integrates Apple Pay into its Onramp service for quick fiat-to-crypto transactions.

Abandons expansion plans in Turkey while enhancing US user experience.

Enables seamless participation in crypto ecosystems with support for over 100 tokens.

Coinbase (NASDAQ:COIN) has announced the integration of Apple Pay into its Coinbase Onramp service, simplifying the fiat-to-crypto transaction process for its users. This move aims to make crypto purchases more accessible, particularly in the United States, where Apple Pay is widely used. Meanwhile, Coinbase has decided to shelve its plans for expanding operations in Turkey.

Starting 2 December, Coinbase Onramp users can leverage Apple Pay to purchase cryptocurrencies like Bitcoin and Dogecoin. This integration allows transactions to be completed in seconds, enhancing convenience for users who wish to participate in on-chain economies. The service also supports free onramping and offramping for transactions involving USD Coin (USDC).

Coinbase highlighted that the US has over 60 million Apple Pay users, a number expected to grow significantly by 2026. With Apple Pay being one of the most widely used payment platforms, this integration enables a seamless experience for crypto enthusiasts.

Building on its previous offerings, such as linking the Coinbase Card to Apple Pay accounts in 2021, the latest integration marks a significant step toward making crypto transactions as simple as traditional digital payments. Coinbase Onramp supports over 100 crypto tokens and more than 60 fiat currencies, broadening its appeal to a diverse user base.

Additionally, Coinbase Onramp includes compliance and Know Your Customer (KYC) features. However, through Moonshot, users can add up to $500 a week using Apple Pay without the need for extensive KYC requirements, further streamlining the process.

This announcement aligns with Coinbase's mission to simplify access to cryptocurrencies while providing robust compliance features. The decision to focus on the US market rather than expand to Turkey may reflect a strategic shift to consolidate its position in established markets where adoption of services like Apple Pay is already high.

The integration of Apple Pay not only enhances user experience but also strengthens Coinbase’s ability to cater to the growing demand for accessible and efficient crypto services. As the popularity of digital assets continues to grow, Coinbase's latest move positions it well to meet evolving user expectations.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.