Crypto.com Approves Apple Pay as a Payment Method
- Crypto.com users are required to register their debit or credit card to the Apple Wallet on their iPhone.
Crypto.com has approved the incorporation of Apple as a payment method. As announced, the newly integrated payment method is only accessible to its customers in the U.S.
More so, the integration means that the exchange now certifies users to effortlessly purchase crypto assets through Apple Pay. Recall that Apple Pay emerged as a popular mobile payment platform solution developed on Apple iPhones.
To date, users in New York and US Territories are restrained from harnessing apple pay payment services. Now, Crypto.com intends to expand the services of Apple pay features to the necessary regions in the near future.
According to the announcement, users are required to first of all register their debit or credit card to the Apple Wallet on their iPhone. This consequently grants them easy access to the new payment option.
At the successful completion of the registration, the Apple Pay features become accessible for payment of crypto purchases. However, users must pay a 2.99 percent processing fee for every card purchase on the platform.
The exchange said all intending users should use the trade function on its homepage. As revealed, they can then proceed to choose the specific cryptocurrency after using the buy function. Afterward, crypto.com advised users to select apple pay in the cash section before returning to reenter the buy function.
Crypto.com and the Market Outlook
Recall that crypto.com had initially announced its intention to update its visa cards rewards program. The exchange has been running the program since 2018.
According to crypto.com, the update, which was effected last month, becomes necessary after its users realize a revision of the cashback rate in the exchange native token, known as CRO. Furthermore, the introduction of a monthly CRO Card rewards cap and revision of staking rewards also necessitated the upgrade. For instance, owners of Ruby steel cards with robust staking began receiving 0.5 percent cashback in Crypto.com on their respective spending. This is considered a much lesser percentage than the previous 2 percent.
As reported Jade Garden/Royal Indigo Card holders also experienced a 1.5 percent reduction on the crypto.com native token, CRO. This reduction appears as half of the initial price. Also, the holders, as revealed, encountered the introduction of a monthly cap of $50.
The prevailing downturn in the crypto industry since May has greatly affected the value of crypto.com’s native token. For instance, in May, CRO recorded a gross decline from $0.31 to $0.21, according to coinmarketcap. More so, the huge fall in the value of Bitcoin from about $39000 to $21000 is said to have also contributed to the depreciation of the native token.
More so, reports also confirmed that the instituted bonuses for its Visa cards also affected the value of the token. As of press time, CRO still ranks as the 24th largest crypto by market capitalization. Also, it commands a dominance of over 0.33 percent of the entire crypto market.