Bitcoin

Cryptocurrency exchanges are introducing various ways to buy Bitcoin (BTC) using the Apple Pay payment method. This comes as a good move for Bitcoin adoption since the Apple Pay digital wallet accounts for more than 507 million mobile wallet downloads and a dominating market share of 43.5% in the United States mobile payments market. 

This ability to now integrate and buy Bitcoin with Apple Pay paves new crypto opportunities for iPhone users. This article explains how to purchase Bitcoin and other cryptocurrencies using Apple Pay.

What is Apple Pay digital wallet?

Apple Pay, introduced in 2014, is a mobile payment service for web payments using iOS and is supported by Apple products. It is most commonly used as an Apple Pay application on iPhones and Apple watches. It allows users to pay for music, movies and apps with one simple touch. 

With the introduction of Near Field Communication (NFC) technology, offline stores are also now accepting Apple Pay leading to a surge in Apple Pay contactless payments. NFC is a proximity-based wireless connectivity technology that utilizes magnetic fields to enable communication between devices when they are brought near each other. Apple Pay is supported by thousands of apps and offline stores worldwide, allowing users to purchase numerous goods and services, as well as buy Bitcoin with their iPhone and Apple Watch using NFC.

Various ways to buy Bitcoin with Apple Pay

While Apple does not directly have a Bitcoin or crypto integration on its devices, many popular applications and platforms facilitate transactions or transmissions of cryptocurrency. Here are the various ways to buy Bitcoin using Apple Pay.

Buy Bitcoin with Apple Pay through Coinbase

Coinbase is a U.S.-based crypto trading and investment platform which offers a range of services and enables users to buy, sell, exchange and store cryptocurrencies. Coinbase has been expanding its presence in the cryptocurrency space through partnerships with major giants like Visa and Mastercard for offering on and off ramp crypto trading through instant purchases with credit and debit cards.

To enable a more convenient option for iOS users, Coinbase in June 2021 introduced the purchase of Bitcoin using Apple Pay linked to a debit card. However, selling crypto and cashing out options are not available with this mode yet. 

Steps to buy Bitcoin using Apple Pay on Coinbase

  1. Login to the Coinbase account on the website or app using a device supporting Apple Pay.
  2. Select Bitcoin in the cryptocurrency options.
  3. Enter the amount of Bitcoin to be purchased in the “Buy BTC” option.
  4. Select Apple Pay from the list of available payment methods.
  5. Confirm Bitcoin purchase using Apple Pay.

It is important to note that Apple Pay will appear automatically as a payment option if a Visa or Mastercard debit card is linked to the underlying Apple Pay digital wallet. If not, ensure to do so first before following the above steps.

The limit to purchase BTC using Apple Pay on Coinbase is dependent on the sum of the debit card’s transaction limit and Coinbase limits and also subject to change as per policy, geographical region and location. One can check these limits in the Coinbase app under Settings ETH), Litecoin (LTC) and Ripple’s XRP (XRP) can also be purchased using Apple Pay on Coinbase in a similar fashion. 

Buy Bitcoin with Apple Pay on Binance

Binance first introduced and started providing Apple Pay integration to buy cryptocurrencies using credit and debit cards only to citizens of the United Kingdom and the European Economic Area (EEA). In December 2022, Binance announced Apple Pay (for debit cards only) to deposit USD and purchase crypto for U.S. account holders. 

This opens avenues to not only purchase but also make Bitcoin and crypto investments using Apple Pay on Binance. 

Steps to buy Bitcoin using Apple Pay on Binance

  1. Login to the Binance app on your iOS device. 
  2. Click on “Wallet,” select U.S. dollar and deposit USD. 
  3. Click “Add Payment Method” and add Apple Pay.
  4. Enter the amount of USD and tap “Deposit.” Add Apple Pay as the chosen payment method.
  5. Proceed to purchase BTC or other cryptocurrencies with this deposit.

It is important to note that Apple Pay for the U.S. will only work for debit card integrations, while for U.K. and EEA, a credit card is an additional option. Also, there is a 3.75% fee applied to the deposit amount when using Apple Pay in the U.S. and approx 2% per transaction in the United Kingdom, subject to change as per policy. Users must ensure to check fee changes on the exchange they transact with.

Buy Bitcoin using Apple Pay on BitPay

BitPay is the largest Bitcoin and cryptocurrency payment service provider based in Atlanta, Georgia. It allows businesses, merchants and institutions to accept cryptocurrency payments and convert them to fiat currencies. BitPay gained massive popularity as it charges merchants flat 1%transaction fees in comparison to credit cards which are known to charge higher fees ranging to 3% and sometimes more. 

BitPay added Apple Pay in 2021 as a payment option to allow its users to buy, exchange and shop with BTC and other cryptocurrencies using Apple Pay digital wallet. BitPay does not allow in-app crypto purchases yet, but contactless crypto purchases using NFC are possible in-store and online using Apple Pay on supported devices. 

In addition to Bitcoin, BitPay also supports popular stablecoins like USD Coin (USDC) and BinanceUSD (BUSD) for Apple Pay purchases. Users need to add their BitPay crypto debit card to Apple Pay and then can use Bitcoin to make purchases wherever Apple Pay is accepted globally. BitPay partnered with Simplex and Wyre to enable these Apple Pay payments.

Steps to buy Bitcoin using Apple Pay on BitPay

  1. Login to the BitPay app.
  2. Load BTC on your BitPay debit card.
  3. Add the BitPay Card to Apple Pay in the BitPay App. 
  4. Use the BitPay card BTC funds to make purchases using Apple Pay.

Buy Bitcoin with Apple Pay using MetaMask

MetaMask, the Ethereum cryptocurrency wallet provider, also now allows users to purchase cryptocurrencies via Apple Pay. MetaMask announced its Apple Pay support in April 2022. Since this is not an integration with Apple directly, MetaMask users are redirected to Wyre, allowing them to make the payment via credit/debit card or through Apple Pay. Wyre is a cryptocurrency exchange that offers crypto to fiat via API and integrates with Apple Pay. 

MetaMask allows its Apple Pay users a maximum daily deposit limit of $400 into their wallet and charges a gas fee as well as its own transaction fees (0.875% of the transaction amount). Moreover, purchasing crypto through MetaMask allows users to use it across different decentralized applications (DApps) and Web3 services where MetaMask is available. However, in-store contactless purchases are still not available through this method.

Steps to buy Bitcoin using Apple Pay through MetaMask

  1. Login to your MetaMask account on browser or app.
  2. Set up Apple Pay via the app.
  3. Ensure Know Your Customer on the card connected with Apple Pay.
  4. Tap “Add Funds,” click “Buy BTC” and input the amount.
  5. Select Apple Pay as the payment method.
  6. Authenticate and complete the transaction.

While the above four methods are quite known, there are many other wallets, exchanges and platforms where one can avail the benefits of buying Bitcoin with Apple Pay including and not limited to Exodus, Paxful, CEX.io, Lumi Wallet, Crypto.com and more. Users must acquaint themselves with terms, conditions, fees and others before selecting their preferred method. 

Should you buy crypto with Apple Pay?

There is no straight answer to whether or not users should choose to buy Bitcoin and other cryptocurrencies using the Apple Pay method. However, there are both benefits and drawbacks to doing so. 

The positives include quick, easy and straightforward transactions. Apple Pay’s contactless payment method technology makes it a preferred payment method among millennials and Gen Z users in the United States. Apple Pay statistics claim that its contactless payment method is accepted by 85% of U.S. retailers for fiat payments. This user preference is also reflected by the multitude of crypto platforms, exchanges and wallets that are bringing in contactless Apple Pay integrations. 

However, the negatives to watch for include the threat of monetary loss due to scams, hacks and malware as well as crypto volatility which may incur frequent fluctuations in prices while making purchases. Therefore, users must make informed decisions and do thorough research before using various crypto payment methods available in the market. 

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