Coinbase Integrate Apple Pay Into it’s Fiat-to-Crypto
Coinbase Onramp is designed to simplify the fiat-to-crypto conversion process. Its core features include lightweight KYC for eligible purchases, eliminating the need for extensive verification procedures.
Coinbase announced on its platform the integration of Apple Pay for all fiat-to-crypto purchases via its Onramp platform. The development promises a significantly smoother and more efficient onboarding experience for users of third-party applications, including self-custody wallets.
The process of acquiring cryptocurrency can often present significant barriers to entry for new users. Lengthy KYC (Know Your Customer) procedures, complex exchange interactions, and navigating multiple applications frequently lead to user frustration and abandonment.
Coinbase Onramp is designed to simplify the fiat-to-crypto conversion process. Its core features include lightweight KYC for eligible purchases, eliminating the need for extensive verification procedures. The platform also offers free USDC on and off-ramping, enhancing usability and reducing associated costs.
Coinbase Onramp Open Access to Quick Payment
Onramp provides access to a variety of popular payment methods, and now, with the addition of Apple Pay, this convenience is further enhanced. This integration allows users to move funds on-chain within seconds, a considerable improvement over traditional methods. The ease and speed of this process are readily apparent in applications like Moonshot, a prime example of how Onramp facilitates frictionless on-chain transactions.
The integration of Apple Pay represents a strategic move to leverage the widespread adoption and familiarity of this payment system. Introduced in 2014, Apple Pay boasts approximately 500 million active users globally, commanding over 90% of the contactless payment market share in the United States.
The established user base and its inherent security features contribute significantly to the streamlined onboarding experience offered by Coinbase Onramp. The pre-existing KYC checks associated with Apple Pay, linked to users’ bank accounts, further streamline the verification process, reducing the burden on both users and the platform.
Fiat-to-Crypto Apple Pay Benefits
Nemil Dalal, Head of Coinbase’s developer platform, highlights the significance of this development. He emphasizes that Onramp aims to drastically reduce the historical pain points associated with bringing fiat currency into the cryptocurrency ecosystem.
By utilizing the familiar interface of Apple Pay, a payment method already utilized by millions, Onramp aims to make the process intuitive and accessible, enabling users to quickly transfer funds on-chain and engage with decentralized applications.
Examples of Onramp’s current applications include facilitating cryptocurrency purchases on platforms like Uniswap and enabling seamless fiat deposits in applications such as Moonshot, which allows users to acquire memecoins.
The benefit extends beyond the user experience. For developers, Coinbase Onramp simplifies the integration of fiat onramps into their applications. This allows developers to focus their efforts on core application development rather than navigating the complexities of fiat-to-crypto conversion infrastructure.
Furthermore, for eligible purchases made using Apple Pay and USDC, Coinbase waives all transaction fees, adding another layer of value and accessibility.
