Based on the integration with Google Pay, revealed on March 17, the card can be mimicked by a smart phone.
The Coinbase Card provides a link to a holder’s crypto balance on the exchange, thereby allowing crypto to be spent through real-time exchange to fiat currency.
The card is made available only to the residents of the European Union and European Economic Area, and also the United Kingdom. However, the card can be used at any retail locations where Visa is accepted.
Google Pay mimics the physical card for conducting offline shopping by utilizing the device’s NFC chip and can be utilized on any terminal facilitating contactless payments.
Both smartphones and smartwatches are compatible with the Coinbase Card, even though the necessity of the NFC chip implies that some low cost gadgets may not support the use of Google Pay.
Limitations exist for Google Pay regarding its usage in some nations even though it is supported.
The list of countries includes the UK, Norway, Ireland, Finland, Poland, Belgium, France, Slovakia, Italy, Croatia, Czech Republic, Spain, Denmark and Sweden.
Coinbase guaranteed to widen the list of supported countries in 2020. Incorporating with Google Pay implies that the card can be utilized in real-time after placing order, without waiting for the arrival of physical card.
Apple Pay, a similar app on iOS, is yet to receive support and there are not updates on this matter.
Crypto cards are turning out to be a crucial business diversification for the exchange. In February, Coinbase transformed into a major Visa card issuer.
This implies that the exchange can issue debit cards in a straight forward manner, rather than depending on associates.
Partners who were involved in the creation of Coinbase Card are Paysafe Financial Services, a fintech firm recognized for products such as PaysafeCard and Skrill.
No updates on timeline of roll out of directly issued card are available. Last June, Coinbase Card was launched with support from only six European nations.
In November 2019, 10 more countries started supporting the initiative, with a range of cryptocurrencies included for funding.
A month later, Dai (DAI) became the first stablecoin to be added, surprisingly bypassing USDC stablecoin which is backed by Coinbase and Circle.
Even before 2019, the exchange was a part of the crypto card ecosystem. The Shift card, rolled out in 2015 and suspended in April 2019, also functioned in a similar manner to Coinbase Card.