The Future of Digital Payments: Apple Pay's Role in Crypto Adoption

With gaining widespread attention in the news thanks to the recent Crypto Federal Reserve discussions, it feels like the digital currency is on the precipice of mass adoption. It has toyed with becoming mainstream for years, and its gradual rise to a market cap that now exceeds $2 trillion has made it hard to ignore. With the recent move to link Apple Pay with various crypto platforms, it will make accessing cryptocurrencies much easier for the masses. Indeed, this could be a major step forward and the final piece in the puzzle for decentralized finance. Apple Pay ubiquitous on online platforms Apple first introduced Apple Pay in 2014, and it has gradually become one of the most popular methods for performing transactions both online and offline. It has grown massively and now has more than 785 million active users according to Cropink . This highlights how much influence it has, and how its integration of crypto could be a big deal. The beauty of Apple Pay is that it’s available almost everywhere now. Along with using it as an alternative to pulling out a credit card in the real world, it can be used as a gateway in ecommerce. Amazon and all the leading shopping sites offer it, and the same can be said for betting companies like Betano . When wagering on sports games, bettors can easily top up their accounts directly through Apple Pay. The convenience and ease of the payment method have been the biggest factors for its popularity across sectors, and this will only continue as Apple Pay becomes an option on crypto platforms. Apple Pay integration makes crypto much more accessible One of the main reasons why crypto hasn’t become mainstream has been the fact that it’s not easy for laypeople to get on chain. You need to do a lot of research into the DeFi space to feel comfortable with all the on and off ramping, as well as bridging between the different networks. For many, this requires too much effort. It’s also hard to trust a concept which is still so new. Apple Pay helps to streamline the process and allows people to overcome that barrier. The platform is trusted by millions, and people feel safe operating through the user-friendly app. Coinbase and BitPay , among others, have already embraced Apple Pay, and allow users to easily purchase digital currencies using fiat directly from their Apple Wallets. It makes the whole process as routine as a standard transaction, and could encourage many more people to get into crypto. When could crypto become widespread? Even though Apple Pay has got on board with crypto and made it easier for people to get hold of it, digital currencies could still have a long way to go. Bitcoin’s volatility means that it’s hard to use as a global currency like the dollar. Altcoins like Solana and Ethereum experience even sharper up and down moves. The answer could potentially be stablecoins, which are pegged to real world assets and don’t experience the same volatility as Bitcoin. Crypto enthusiasts can still hold Bitcoin and others, but swap it to a stablecoin like Tether when they want to perform real world transactions. This could help crypto see mass adoption around the world.