Coinbase adds Apple Pay to its fiat onramp platform

Coinbase has announced the integration of Apple Pay into its Onramp platform in a move that is aimed at simplifying and speeding up fiat-to-crypto transactions.

The latest development addresses the common pain points that users usually experience when onboarding crypto such as the time-consuming exercise going through KYC, which can be lengthy as well as the use of multiple apps, which eventually force users to “abandon ship.”

Coinbase addresses challenges users previously encountered to transact

With Onramp, developers can embed tools for buying cryptos into third-party applications, for instance, self-custody wallets or decentralized finance platforms. According to Coinbase’s blog post, with Apple Pay supported, users can purchase crypto using the popular payment method already familiar to millions of iPhone owners.

This therefore limits the challenges users previously experienced when converting their fiat currencies to digital assets.

With Apple Pay on Onramp, Coinbase can now offer a streamlined process with users able to complete transactions in a matter of seconds as they benefit from Apple Pay’s inbuilt security features. It said the aim is to reduce the challenges users experience entering the crypto markets such as connecting bank accounts and KYC verifications.

“The process has a lot of friction, and as a result, users abandon ship. But not with Coinbase Onramp.”

Coinbase.

“Coinbase Onramp takes the hassle out of fiat-to-crypto conversions with lightweight KYC for eligible purchases, free USDC on and offramping, and access to the most popular payment methods,” added Coinbase.

Accessing the Coinbase Onramp

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

According to Coinbase, already existing customers using Coinbase Onramp do not need to do anything as they will automatically see Apple Pay appear as an option when making an eligible purchase.

Onramp is usually used in wallets such as MetaMask, Rainbow, Phantom, and Coinbase wallets. While this latest development takes away the rigorous KYC process that can discourage users, eligible transactions on Onramp are subjected to lightweight KYC checks to meet regulatory requirements, but without unnecessary delays.

Coinbase added that users buying the USDC stablecoin with Apple Pay on Onramp will be exempted from transaction fees, as a form of incentive.

Apple Pay was introduced in 2014 and now has over 500 million active users worldwide.

Responding to the news of this collaboration, some users expressed optimism that this development would “speed up the growth of the crypto industry.” Others described it as the “digital marriage of the century.” Another user identified as EveryBiz said this would also be a game changer.

“Big news for $COIN! Integrating Apple Pay makes fiat-to-crypto purchases even more seamless.” User Could this be a game-changer for onboarding new users into the crypto space?”

EveryBiz.

The collaboration also becomes a significant move towards bridging the gap between traditional finance and blockchain technology at a time when the market wants easier access to digital assets.