Coinbase adds Apple Pay to onramp for easier crypto access

Coinbase has integrated Apple Pay into its Onramp platform, aiming to simplify and speed up fiat-to-crypto transactions. 

Onramp allows developers to embed tools for purchasing cryptocurrency into third-party applications, such as self-custody wallets or decentralized finance platforms. 

With Apple Pay now supported, users can buy crypto using a payment method already familiar to millions of iPhone owners, according to a Coinbase blog post. 

The integration addresses a common issue in crypto onboarding: lengthy processes for converting traditional currency, or fiat, into digital assets. 

Buying cryptocurrency often involves multiple steps, including connecting bank accounts, undergoing know-your-customer verifications, and navigating various apps. These hurdles can discourage potential users from entering the crypto space.

With Apple Pay on Onramp, Coinbase offers a streamlined process. Users can complete transactions in seconds while benefiting from Apple Pay’s built-in security features. According to Coinbase, this integration aims to reduce friction for people entering crypto markets by using a familiar payment system that already connects to users’ bank accounts.

Onramp and Apple Pay details

Onramp, formerly known as Coinbase Pay, is a suite of developer tools that supports fiat-to-crypto payments across apps and wallets.

It is widely used in wallets like MetaMask, Rainbow, Phantom, and Coinbase Wallet. For eligible transactions, Onramp provides lightweight KYC checks to meet regulatory requirements without unnecessary delays. 

Additionally, users purchasing the USDC (USDC) stablecoin with Apple Pay on Onramp will avoid transaction fees, offering further incentives.

Apple Pay, which launched in 2014, now boasts over 500 million active users worldwide. Its integration with Coinbase Onramp allows around 60 million U.S. Apple Pay users to easily convert fiat currency into cryptocurrency. 

By utilizing Apple Pay, developers working with Onramp can streamline the onboarding process within their apps, thereby enhancing accessibility to digital assets.

As the need for easier access to digital assets increases, Coinbase’s collaboration with Apple Pay represents a significant move toward bridging the gap between traditional finance and blockchain technology.