The global cryptocurrency exchange and wallet has integrated Google Pay. It allows users with Android devices to purchase cryptocurrencies. The development is essential for the crypto industry as it embraces mass adoption through the frequently used payment processor.
Deploying Google Pay in Crypto.Com
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Google Pay is a global payment method with over 100 million users who consistently send, receive, and pay for goods and services. Its millions of users welcome recent developments in accessing the cryptocurrency markets through reputable Singapore-based cryptocurrency exchange, Crypto.com.
Crypto Lists Limited believes the integration of Google Pay and Crypto.com will be complete and go live in a week. Once the integration is live, users that already have their accounts linked and held by a debit or credit card can select Google Pay as a payment option while purchasing crypto. The Crypto.com exchange has over 50 million users who access over 250 cryptocurrencies including Bitcoin.
Previously, Crypto.com deployed the integration of Google Pay in some countries on May 19, 2022. These included Australia and New Zealand. Google Pay had been available to VISA card users in these countries. It facilitated these users who also held an account with Crypto.com to activate payments via the Google Pay application.
The recent integration feature with Google Pay is accessible by clicking the Trade button on the homepage of the Crypto.com app. Users can then click on buy and select Google Pay as their preferred payment method under the cash section.
Expansion and Innovations of Crypto.com
Crypto.com has been expanding its global market reach despite the adverse market conditions in the crypto industry. Crypto Lists has posted several headlines in recent months over its acquisition of licenses in several countries. The exchange became the most recent to receive regulatory approval from the Italian financial regulators. In an exclusive, representatives of Crypto.com revealed that it had obtained the Organismo Agenti e Mediatori [OAM]. This means that the exchange can offer its diverse products and services to consumers within the Italian borders. Additionally, Crypto.com is among the noteworthy cryptocurrency exchanges granted in-principle authorisation from the Monetary Authority of Singapore with a Major Payment Institution License. The exchange has also received regulatory approvals in other countries in Europe and Asia, including Greece and Dubai.
Google Pay Integration into the Crypto Industry
The major payment systems have integrated cryptocurrency wallets and exchanges in recent years. The integration of Google Pay with Crypto.com is no surprise. The payment system already made clear its intent to further explore the cryptocurrency industry early this year in January. The indication was hinted at by the appointment of Arnold Goldberg, a former PayPal executive. Arnold has been the lead person in heading their payments division.
Generally, Crypto Lists analysis foresaw this investment of Google Pay into the crypto industry throughout 2021. In 2021, Google Pay laid the ground with integration with other crypto exchanges. It integrated with Gemini in April 2021 to provide similar functionality to what Crypto.com is offering. It supports over 30 cryptocurrencies including Bitcoin, Litecoin, Ether, Filecoin, and Bitcoin Cash with access to over 50 countries.
Furthermore, Coinbase partnered with the payment processor in June 2021 to allow its users to pay for goods and services in Google Pay using the Coinbase Card. It also partnered with Bakkt in October 2021 to support its virtual debit card. Nexon is also amongst the crypto exchanges receiving support from Google Pay after its integration upon the launch of its cryptocurrency MasterCards in April 2022. It facilitated holders to use Google Pay in purchasing assets with any merchant accepting VISA.
Importance of Integration of Google Pay into the Crypto Industry
The importance of the integration of Google Pay into the crypto industry cannot be understated. Users often experience several challenges depositing with other methods. There is often complexity in transferring funds using unconventional mediums. For example, users do not have to use the Coinbase debit card or create a separate hard wallet. Users are more familiar with payment processors. Cashouts are quick and flexible hence payments are instant.
Crypto Lists views Google Pay as a fast, simple, and reliable method of making deposits on crypto sites such as Crypto.com.