CryptoCom, an exchange for virtual assets, is coming up with newer ways to bring back business to its platform now that the crypto industry has begun to bounce back from its recent slump. The platform will soon be adding Google Pay support on its app to allow users to purchase cryptocurrencies via Google’s online payment service. As per Google CEO Sundar Pichai, over 150 million people across 40 nations are currently using Google Pay. This essentially means, that CryptoCom is opening the route to jump onboard the crypto express for millions of people around the world.
The integration of Google Pay with CryptoCom that is reportedly slated to roll out by next week, is intended to make crypto purchase just a tap away for Google Pay users.
Users interested to try the feature will have to select the ‘Google Pay’ option under the ‘Cash’ tab after selecting what cryptocurrencies they are looking to buy.
Debit or credit card details of people need to be updated on Google Pay to facilitate transactions.
“Once the purchase is complete, the balances will be updated accordingly in users’ crypto wallet and they will also be able to check their transaction history in the Crypto.com app,” a CryptoPotato report quoted CryptoCom as saying in a statement.
As for Google Pay, this is not the first time that it is collaborating with a crypto firm to process the purchase of crypto assets.
In April 2021, American cryptocurrency exchange Gemini, started allowing people to buy virtual assets using Google Pay as well as Apple Pay.
In fact, even crypto payment processor BitPay allows its users to connect to Apple Wallet and pay for goods and services with digital coins like BTC and ETH.
While crypto players and big tech firms are joining forces to drive safe crypto adoption in other nations, India has maintained a rather restrictive approach in allowing an ease in the purchase of crypto assets.
In April this year, Coinbase, one of the largest crypto exchanges in the world, announced that it was integrating India’s UPI payment system with its platform to enable easy buying of cryptocurrencies.
However, Coinbase had to suspend support for UPI payments within days because the National Payments Corporation of India (NPCI) issued a statement on April 7, refusing to recognise Coinbase’ UPI-linked crypto-buying feature.
Later in May, Coinbase CEO Brian Armstrong accused the Reserve Bank of India of applying “a soft, informal pressure behind the scenes to try to disable some of these payments, which might be going through UPI”.
Currently, Indian crypto investors cannot purchase assets via Google Pay or Apple Pay among similar other service providers.