The series of major payments companies allowing encryption features continues as BitPay announced today that BitPay card users can now connect to an Apple Wallet and pay for goods and services using Apple Pay.
“We have thousands of BitPay Wallet customers who use the BitPay card who are always looking for new places and ways to spend their cryptocurrency,” BitPay CEO Stephen Pair said in a press release. It’s easy and convenient to use your BitPay card in more places from everyday items to luxury purchases. “
Bitpay currently allows payments in BTC, ETH, Bitcoin Cash, and a variety of stable currencies.
This Apple Pay integration appears to be part of a broader strategy by BitPay to capitalize on the momentum of the ongoing cryptocurrency operation. BitPay also applied to the OCC to become a national credit bank late last year. Apple Pay’s press release indicated that “support for Google Pay and Samsung Pay is planned for later this quarter.”
This step is important for crypto users looking to spend their digital currency in the real world, given the size of Apple Pay and the saturation of the market. A recent report indicates that Apple Pay is on track to account for 10% of all card transactions by 2025 (compared to its current share of 5%). BitPay integration may also allow additional benefits for Apple Card users – an initiative launched with Goldman Sachs to allow Apple Pay users to earn cash on purchases. Apple Pay currently has more than 380 million users worldwide.
This could also be the first of many cryptocurrency developments related to Apple. Last week, Paul Steves, an analyst at Royal Bank of Canada Dominion Securities, predicted that Apple could be the next company to allocate a portion of its cash reserves to Bitcoin. Apple currently has nearly $ 200 billion in cash on hand, and the pressure may mount on the company to follow Tesla’s progress in purchasing the cryptocurrency.