The line of major payment companies allowing crypto functions continues when BitPay announced today that BitPay card users can now connect to Apple Wallet and pay for goods and services with Apple Pay.
“We have thousands of BitPay wallet app customers who are using the BitPay card and are always looking for new places and ways to spend their crypto,” said Stephen Pair, CEO of BitPay, in a press release The BitPay Card Is Simple and convenient to use in more places, from everyday items to luxury purchases. “
Bitpay currently allows payments in BTC, ETH, Bitcoin Cash and a variety of stablecoins.
This Apple Pay integration appears to be part of a broader strategy by BitPay to capitalize on the momentum of the ongoing crypto bullrun. BitPay also signed up with the OCC late last year to become a national trust bank. The Apple Pay press release states: “Support for Google Pay and Samsung Pay is planned for the end of this quarter.”
Given the size and market saturation of Apple Pay, this move is significant for crypto hodlers looking to spend their digital currency in the real world. According to a recent report, Apple Pay is on track to account for 10% of all card transactions by 2025 (compared to its current 5% share). The integration of BitPay may also enable an additional utility for Apple Card users – an initiative co-founded with Goldman Sachs that allows Apple Pay users to earn cashback on purchases. Apple Pay currently has over 380 million users worldwide.
This is possibly just the first of many Apple-related cryptocurrency developments. Last week, Royal Bank of Canada’s Dominion Securities analyst Paul Steves predicted that Apple could be the next company to allocate some of its cash reserves to Bitcoin. Apple currently has nearly $ 200 billion in cash and pressures on the company to follow Tesla’s lead in buying cryptocurrency could increase.