Apple has collaborated with BitPay, a bitcoin payment processor. According to the blog post, BitPay Mastercard holders can now add their crypto-funded cards as a payment mode on Apple Pay. It added support for U.S. cardholders to join the BitPay Prepaid Mastercard card through Apple Wallet and pay with Apple Pay. BitPay is the most comprehensive crypto payment processor, providing buyers and vendors to transfer or receive cryptocurrency payments or fiat payments alternatively.
The collaboration will help Apple to view the demand for crypto payments amongst consumers. The BitPay card recently supports Bitcoin, Bitcoin Cash, Ether, and four dollar-pegged stablecoins, including USDC, GUSD, PAX, and BUSD. The BitPay Prepaid Mastercard is accessible to eligible U.S. citizens exclusively. Additionally, Stephen Pair, the CEO of BitPay, opined that Google and Samsung Pay would shortly add support for BitPay Card. It’s part of a more significant effort to utilize Bitcoin and other cryptocurrencies into more comprehensive payment modes.
RBC Capital advises Apple to venture into Crypto Payments
The news of a collaboration between BitPay and Apple comes following RBC Capital Markets, a global investment bank, published a letter to its clients that prompted Apple to develop its cryptocurrency exchange. RBC Capital Market report discovered that Apple could prominently improve its earnings if it helps crypto payments in its wallet. Mitch Steves, RBC’s analyst, expects Apple could gain over $40 billion in annual revenue with crypto support. He also thinks Apple’s choice to purchase Bitcoin would vitally expand the number of potential clients.
Earlier, BitPay was associated with Mastercard for prepaid crypto debit card. It converts stored crypto to fiat when you consume it. Moreover, consumers can now add that card to their iPhone’s wallet apps. Moreover, BitPay has its wallet app that fulfills the same trick, switching crypto into fiat for daily purchases. However, the company is expecting the Apple Pay partnership will append a more prominent degree of flexibility.
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