Coinbase Taps Samsung Pay to Deepen Push for Crypto Adoption
Highlights
- Coinbase enables Samsung Pay for fast crypto purchases for its North American users.
- Users can fund Coinbase accounts with types of payments that are familiar to them.
- It begins roll out this week and will be expanded to other parts of the globe later.
Coinbase has included Samsung Pay as a payment option in its app for North American users. The integration begins this week and is available to select users in the U.S. and Canada. A broader rollout is expected in the coming weeks.
Coinbase-Samsung Pay Integration Brings Faster, In-App Crypto Purchases
According to a Coinbase blog post, this move allows users to buy cryptocurrency directly from their mobile devices without switching apps. Samsung Pay has provided a simple and effective way for users to add money to their Coinbase accounts using a method that is familiar to them.
This marks the top exchange’s push for broader crypto adoption. As CoinGape reported, it recently partnered with PNC Bank, enabling the bank to offer crypto services to its nine million customers.
The latest integration of Samsung Pay makes it easier and quicker to make crypto purchases. The collaboration focuses on reaching millions of mobile users in North America and making cryptocurrency accessible to them easily.
The companies noted that this update makes the process easier for both new and returning buyers of cryptocurrencies. Coinbase also wants to eliminate purchase friction by integrating Samsung Pay into the application.
No payment details are required again, and no more navigating between many screens. The update is a part of the current trend of integrating conventional finance instruments with digital currencies.
Samsung Pay is one of the fintech services that are trying to bring crypto transactions to mainstream finance. Previously, PayPal enabled crypto payments to U.S.-based merchants, including more than 100 coins at a low fee rate and with PYUSD stablecoin compatibility.
The Plan is to Implement Samsung Pay Worldwide
Due to the increasing demand for smooth digital payments, Samsung and Coinbase would extend the feature to other regions. However, it has not yet revealed when exactly they intend to perform this expansion.
This development could inspire more users to start or evolve their crypto experience. The feature will be updated gradually over the next month. Then, full access will follow afterwards.
Despite the recent positive news, Coinbase stock fell early Tuesday, trading at $378.63. This marks a $0.86 decline from Monday’s close. It also represents a significant decline from when the COIN stock’s ATH of around $436, which it reached on July 18, the same day the GENIUS Act was signed.
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