BitPay looks to build up crypto payments with mobile wallets move

  •  BitPay Mastercard cardholders can now use their cards with Apple Pay, with Google Pay and Samsung Pay soon to follow as crypto payments heat up during the pandemic.
  • And its integration with major mobile wallets could help expand digital currencies as a form of payment.
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Crypto payment service provider BitPay is giving its prepaid Mastercard cardholders the ability to add their card into Apple Pay, and it plans to roll out support for Google Pay and Samsung Pay later this quarter. BitPay allows its customers to buy and store crypto as well as make online payments via its BitPay Wallet app.

Apple Pay Users and Penetration

BitPay is giving prepaid Mastercard cardholders the ability to add their card into Apple Pay.
Insider Intelligence

With a BitPay Mastercard, customers can instantly convert cryptocurrency into fiat currency, which can then be loaded onto the card and spent anywhere Mastercard debit is accepted. Thanks to the Apple Pay integration, customers now have a new way to spend their digital assets. As an added benefit, BitPay customers who are waiting for their plastic card to be delivered can add their virtual card to Apple Pay via the BitPay Wallet to begin spending immediately.

BitPay’s integration with Apple Pay follows a host of major payment providers ramping up crypto offerings as digital currencies continue to grow in popularity. Visa and Mastercard have both been expanding their crypto card programs over the last year: As of December 2020, Visa had 32 global crypto card programs and Mastercard had 7, according to data provided to Insider Intelligence from The Block.

Moreover, Mastercard recently announced that it’ll support select cryptocurrencies on its network in 2021, allowing its merchants to accept the digital assets as a form of payment from customers. Meanwhile, PayPal made cryptos a major focal point during its 2021 investor day, with the firm recently saying it plans to introduce a business unit dedicated to digital currencies.

Combined, these efforts are indicative of the growing presence of cryptocurrencies in the payments realm, and might be why BitPay decided to expand with Apple Pay and other wallets, since partnering with them can help the firm further penetrate the space and become a formidable crypto payment provider.

BitPay’s integration with major mobile wallets could help expand digital currencies as a form of payment, while helping providers like Apple Pay boost app usage.

  • Consumers are leaning more into mobile wallets, posing an opportunity for BitPay to grow. More consumers are opting for mobile wallets to complete contactless payments during the pandemic, with Apple Pay expected to reach 40.3 million users, or 43.3% of all proximity mobile payment users in the US, in 2021, according to Insider Intelligence forecasts. BitPay can leverage mobile wallet popularity to grow its payment volume, especially since 90% of US stores now accept Apple Pay.
  • Meanwhile, Apple Pay and other providers can use a crypto integration to diversify their offerings and boost platform engagement. Recently, RBC Capital Markets said Apple Pay would benefit from integrating cryptocurrency offerings since it’d likely help give customers an added incentive to use its platform as digital currencies become a hot commodity. And the same could be said for Google Pay and Samsung Pay. Since Bitpay is one of the largest crypto payment providers in the industry, its mobile wallet partners will likely see increased customer engagement on their platforms, as the crypto integration could diversify their platforms and help them stand out, especially to consumers interested in crypto services.

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