Apple Pay is now creating a path for crypto fans to pay for items and services with digital currencies. The company has partnered with Bit Pay to unveil a new prepaid Mastercard that customers can attach to their digital wallets should they ever wish to purchase items with crypto.
Apple Pay Will Potentially Allow Crypto Payments Soon
The idea of using crypto as a payment method has been around since digital currencies were first born over 12 years ago. Initially, it was decided that these currencies and others like them would potentially push fiat and credit cards aside and that they would be decentralized assets, meaning that they wouldn’t be doled out by banks or financial institutions.
The idea was to give individuals far more independence and control over their finances. The problem has been, however, that these assets are incredibly volatile, and experience price swings like no other asset on the market. As a result, many businesses have turned their backs on crypto, refusing to accept them for payments and keeping them reserved to a speculative zone for traders and investors.
However, in recent weeks we have seen many large-scale companies working hard to initiate bitcoin and crypto payment systems that could potentially establish them as mainstream currencies. Companies such as Tesla, for example, are now considering BTC payments for items in the future, while General Motors, Uber and even Twitter are examining said possibilities.
It may be a while before we see anything in stone, but at least the ball is rolling, and now it looks like Apple Pay is joining the ranks. Stephen Pair – chief executive of Bit Pay – explained in a statement:
We have thousands of Bit Pay wallet app customers using the Bit Pay 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 Bit Pay card in more places from day-to-day items to luxury items.
Thus far, analysts and industry experts have reacted positively to the news that Apple Pay might allow crypto payments. RBC analyst Mitch Steves believes that Apple could see its business partnerships improve heavily in coming months, and that the firm is likely to garner billions in new revenue with its attachment to crypto. He states:
If the firm decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry.
Pushing the Crypto Agenda
As it stands, Apple Pay users in the United States will be the only ones gaining access to crypto payment options at first. It’s unclear if the company will permit this action from international clients at any point.
At press time, the price of bitcoin is just under $47,000, and several analysts believe that the currency could potentially reach six-figure territory by the end of the year.