The string of major payments companies allowing crypto features keeps growing by the day as BitPay announced today that BitPay card users can now connect to Apple Wallet and pay for goods and services using Apple Pay.
Bitcoin wallet BitPay’s Prepaid Mastercard users in the US can now add their card to Apple Wallet and Apple Pay will now allow Bitcoin to be spent online, in stores and in apps.
Bitpay currently allows payments in BTC, ETH, Bitcoin Cash and various stable coins.
The integration of Apple Pay appears to be part of BitPay’s expansion strategy to capitalize on the momentum of the ongoing Crypto Bull market. Late last year, BitPay also applied to OCC to become a national trust bank. The Apple Pay press release states: “Google Pay and Samsung Pay should be supported by the end of the quarter.”
“We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto. Adding Apple Pay and soon Google and Samsung Pay makes it easy and convenient to use the BitPay Card in more places from day-to-day items to luxury purchases.”said BitPay CEO Stephen Pair in a press release.
Latest Apple Development Indicates Big Step Forward for Blockchain and Crypto
Given the size of Apple Pay and the saturation of the market, this move is an important step for cryptocurrency traders looking to use their digital currency in the real world. A recent report stated that Apple Pay is projected to account for 10% of all card transactions by 2025 (currently 5%).
BitPay’s integration can also provide more utilities for Apple Card users. This is an initiative initiated by Goldman Sachs to enable Apple Pay users to get money back through purchases. Apple Pay currently has more than 380 million users worldwide.
This may also be 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.
This recent development could be a pointer to the possibilities if the tech giant launches its own cryptocurrency exchange. Since the wallet is used by millions, RBC Capital Markets predicts that it can generate more than $40 billion if it makes the move to cryptocurrency.
Apple currently has nearly $200 billion in cash and pressures to follow Tesla’s leadership in buying cryptocurrencies could increase. This is after Tesla bought $1.5 billion worth of BTC some days ago.