Crypto.com is enabling Google Pay payments to Android users to purchase cryptocurrencies.
It had actually already made Google Pay available as a payment option in May, but only to Australian and New Zealand users.
🇦🇺🇳🇿 AU & NZ https://t.co/vCNztATkNg Visa Card users
📲 You can now make payments using Google Pay™️
Enjoy the security and convenience of Google Pay online and in-store 🙌
Using an Android device? Add your Card now💳https://t.co/5L8WHHfVzo pic.twitter.com/Zob6YMJkRk
— Crypto.com (@cryptocom) May 19, 2022
They are now preparing to enable Google Pay payments to users in other countries as well.
Crypto.com extends use of Google Pay to the rest of the world
An in-app purchase option with Google Pay will soon be available on Crypto.com‘s app. The new feature is expected to go live next week.
Google Pay allows people to link credit or debit cards to their account so they can use them to make online payments by allowing them to choose which one to use. Once selected as a payment option on the Crypto.com app at the time of a purchase it will then be possible to choose which card to pay with.
In order to use this new feature, users of the Crypto.com app will first need to link at least one credit or debit card to their Google Pay account.
Then they will be able to make in-app purchases using Google Pay as payment.
When purchasing cryptocurrencies, the app will allow users to choose Google Pay from cash payment options in fiat currencies.
In other words, these will be for all intents and purposes purchases paid with a credit or debit card, but through Google Pay, which acts as a wallet of cards from which to choose which one to use to pay.
It is estimated that Google Pay now has over 100 million users, while Crypto.com is expected to have about 50 million.
Google Pay expands into the crypto world
Other crypto exchanges have already integrated payments with Google Pay in the past, and in particular the US-based Gemini and Coinbase. Not coincidentally, these were two regulated exchanges.
Recently, however, questions have been raised about whether it is appropriate to offer retail investors the ability to purchase cryptocurrencies by paying with a credit card.
In particular, Taiwan’s Financial Supervisory Commission (FSC), the country’s financial regulator, sent a letter to the Association of Banks in early July reminding them that they should not use virtual assets. The letter also stated that credit cards are essentially payment instruments for consumers, and not tools for making high-risk speculative investments.
In Taiwan, for example, credit cards can already be used as payment instruments for online gambling, stocks, futures, options and other transactions. Now cryptocurrency purchases are also joining the party.