Cryptocurrencies, a speculative asset more than a means of payment? Less and less true. And the beginnings of the BitPay card as a payment service for the 380 million Apple Pay users will accentuate its democratization.
For Morgan Stanley, the arguments in favor of a BTC as a means of exchange “are becoming more difficult to defend”. And if the liquidity of the asset continues to decline, it is unlikely to be an attractive instrument for commerce.
Nothing is set in stone in this area, however, says Ruchir Sharma, Head of Emerging Markets and Strategy at Morgan Stanley. According to him, “Bitcoin is also beginning to make progress in its ambition to replace the dollar as a medium of exchange. »
Moreover, Bitcoin is not the only cryptocurrencies on the market. And the beginnings in cryptography of payment giants such as PayPal and Mastercard should pull these uses in transactions even more.
Another player in crypto payment services has just made a significant announcement that could further promote their democratization. BitPay offers a prepaid Mastercard card in the United States.
From now on, this card will be able to integrate the Apple Pay service, which claims no less than 380 million users worldwide. Thus, American consumers can pay for their purchases from an iPhone using the cryptocurrencies they have in their wallets.
Crypto is thus taking its place in the mobile payment market. And BitPay doesn’t intend to limit itself to the Apple ecosystem. Indeed, the company specifies that it will offer an equivalent service on Google Pay and Samsung Pay during the quarter.
“By adding Apple Pay and soon Google and Samsung Pay, it will be easy and convenient to use BitPay in more places, from everyday items to luxury purchases,” said CEO Stephen Pair.
With its own electronic wallet, BitPay Wallet, the startup will be able to manage and spend its Bitcoin, as well as other cryptocurrencies. These can also be converted into dollars and spent via the BitPay Card.
The wallet application supports Bitcoin, Bitcoin Cash, and Ether. In addition, it allows you to acquire and spend dollar-backed stable coins, including USDC stable coin, GUSD, PAX and BUSD. The stability of these currencies makes them easier to use for everyday payments than Bitcoin or Ether.