Utah-based CoinZoom has confirmed that holders of its crypto-enabled Visa card can now make contactless payments with their smartphones. The move comes thanks to integrations with Apple Pay, Google Pay, and Samsung Pay, at a time when more companies are starting to embrace cryptocurrencies as a payment option.
CoinZoom launched its Visa card to US users in early 2020, allowing users to spend their cryptocurrency balances directly with any of Visa’s 53 million merchant network. The card offers several benefits to holders, including cash back rewards, trading fee discounts on the CoinZoom exchange, and interest payments on cryptocurrencies. Users can also benefit from ZoomMe – a peer-to-peer payment system that allows any CoinZoom user to send funds instantly and securely to another user, in fiat or cryptocurrencies.
CoinZoom customers also have the peace of mind of knowing that CoinZoom is a FinCEN regulated Money Service Business in 50 states, as well as a registered money transmitter in 48 states. Along with its retail offering, CoinZoom operates an institutional-grade digital currency trading platform.
More Ways to Pay with Crypto
Now, holders of the CoinZoom Visa card can spend their cryptocurrency balances instantly using their smartphones. Existing users of Apple Pay, Google Pay, or Samsung Pay only need to add their CoinZoom Visa card as a payment option. Once it’s set up, they can pay at any merchant using their cryptocurrency balances.
It’s also worth noting that CoinZoom has enabled its Visa card so that users can spend cryptocurrencies directly. Many competitors operate a convoluted pre-paid credit card system where a user has to convert their cryptocurrencies to fiat, which is then used to top up the card balance so they can spend it. In contrast, CoinZoom simply allows users to pay with their crypto balances, enabling instant conversion to the merchant’s preferred currency at the checkout.
Todd Crossland, CEO of CoinZoom, stated of the smartphone payment integrations:
“Since our launch in 2020, CoinZoom users have used their CoinZoom Visa cards to convert and spend millions of dollars of their cryptocurrency balances to pay for everyday items like rent, utilities, gas, groceries, travel, and a myriad of other products and services. […] Adding Apple Pay, Google Pay, and Samsung Pay will make it even easier and more convenient for users to spend their cryptocurrency balances.”
Thanks to the ongoing bull market, CoinZoom is just one of many companies making it easier for holders to spend their cryptocurrencies. When PayPal announced it was opening up crypto services to its user base, the company also confirmed that it would be enabling cryptocurrency payments for its entire merchant network, comprising 26 million. In early February, Tesla announced it was buying up $1.5 billion worth of BTC with a view to accepting it as payment for its electric vehicles.
Most recently, the US luxury hotel group the Kessler Collection became the first of its kind to accept cryptocurrencies from guests.
Alex Dovbnya
Vladislav Sopov
Dan Burgin