Apple Pay users can now buy Bitcoin in one click thanks to a new integration in the multi-currency crypto wallet app, Lumi. Users can also buy Ethereum, Bitcoin Cash, Tether USDT, Binance USD, as well as 1,200 ERC-20 tokens via Ethereum.
Apple Pay Welcomes Crypto Purchase
Lumi Wallet announced last Friday, the 383 million active users of Apple Pay will be able to purchase cryptos. The launch means that iOS users can now buy Bitcoin, Ethereum, and 1200 other coins directly with Apple Pay.
Lumi Wallet is a non-custodial cryptocurrency wallet that launched in 2017. In July last year, the multi-currency crypto wallet app launched an option to buy crypto with a bank card. Integrating Apple Pay into its platform is part of Lumi’s goal to provide purchasing convenience to its user base of over 750,000.
Lumi Wallet is now set to exploit Apple Pay which already accounts for 5 percent of all global transactions or 51 percent of all mobile payments in the United States. Globally, Apple Pay card transactions and is projected to grow to 10% by 2025.
How to Buy Crypto Using Apple Pay
Apple Pay simplifies the process of purchasing cryptocurrencies on the Lumi Wallet. With Apple Pay, you can skip the conventional identification process involved in buying cryptocurrencies.
This is because of the AML and KYC features already onboard Apple Pay. Making crypto purchases is seamless; the process is as simple as clicking buy, entering the amount, to then just choose Apple Pay. As Lumi Wallet wrote in the announcement:
Apple Pay is a payment service available for any application. Our team had a goal to simplify the purchase procedure, that’s why we choose Apple Pay. We followed the terms of the integration process and now our users will be able to buy crypto via Apple Pay.
Restrictions You Should Know About?
While integrating Apple Pay as a payment option in Lumi Wallet is undoubtedly a big move, it comes with some limitations. As of press time, residents of the United State are limited to $500 daily, $500 weekly, and $5,000 yearly purchases via Apple Pay. The limitation is a result of the anti-money laundering regulations in the United States.
Users from other countries can purchase up to $1,000 daily, $1,000 weekly, and $7,500 yearly using Apple Pay. This option is available to users across the world except those residing in “Vatican City, Ukraine, Montenegro, Monaco, Malta, Man of Isles, Jersey, Liechtenstein, Romania, Russia, Serbia, China, Taiwan, Macao, Kazakhstan.”
The integration of ApplePay into Lumi comes barely two months after PayPal rolled out Bitcoin purchase services. The increasing purchase options for Bitcoin and other cryptos further confirms the increasing acceptance of cryptocurrencies not only as a store of value but also as a relevant payment option.