A number of major payment companies that allow cryptocurrency are ongoing as 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 customers who use the BitPay card and are always looking for new places and ways to use encryption,” BitPay CEO Stephen Pyre said in a press release. “The addition of Apple Pay, and soon Google and Samsung Pay, will make using the BitPay card easy and convenient in many places, from everyday shopping to luxury shopping.”
Bitpay currently allows payments in BTC, ETH, Bitcoin Cash and a range of stacked coins.
This integration with Apple Pay appears to be part of BitPay’s broader strategy to capitalize on the ongoing cryptocurrency boom. BitPay also applied to the OCC for national credit bank status late last year. Apple Pay said in a press release that “support for Google Pay and Samsung Pay is scheduled for the end of this quarter.”
This move is important for cryptocurrencies looking to leverage their digital currency in the real world, given the size of Apple Pay and market saturation. A recent report shows Apple Pay is close to reaching 10% of all card transactions by 2025 (up from its current 5% share). The BitPay integration could also provide additional tools for Apple Card users – an initiative launched with Goldman Sachs to allow Apple Pay users to earn cash from purchases. Apple Pay currently has over 380 million users worldwide.
It could also be the first of many cryptocurrency developments associated with Apple. Last week, Paul Steves, an analyst at Royal Bank of Canada Dominion Securities, predicted that Apple would be the next company to commit a portion of its cash reserves to Bitcoin. Apple currently has about $ 200 billion in cash, which could put more pressure on the company to follow Tesla’s progress in buying cryptocurrencies.