Following The Footsteps Of Tesla And Mastercard, Apple Now Accepts Payments Using Bitcoin

Apple accepts payment for products using bitcoin (Apple)

JAKARTA - After Tesla and Mastercard planned to accept Bitcoin cryptocurrency payments, Apple recently decided to support the use of bitcoin as a means of payment.

The transaction is done through a third-party company, namely Bitpay. This company from the United States (US) is a provider of bitcoin cryptocurrency payment services.

Bitpay revealed that the presence of service to Apple Pay will make it easier for users to buy various products manufactured by Apple.

Bitpay is not only present on Apple Pay, the company also plans to present its services on Google and Samsung Pay.

“We have thousands of Bitpay Wallet application users using Bitpay Cards who are always looking for places and ways to use their crypto. Adding Apple Pay and soon Google and Samsung Pay will make it easier to use Bitpay Cards in many places from everyday goods to buying luxury goods", said CEO of Bitpay, Stephen Pair, as quoted by Ubergizmo.

For information, Bitpay Wallet users can buy and store cryptocurrencies and can make online payments. Meanwhile, Bitpay Card users can convert cryptocurrency into fiat currency.

Bitpay cards owned by users can use and insert the card at places where Mastercard is located from around the world. Not only that, but users can also use the card to make purchases and withdraw money through an ATM machine.

The Bitpay Wallet also supports the use of Bitcoin Cash and Ether. Not only that, Bitpay Wallet can take advantage of stablecoins on GUSD, PAX, USDC, and BUSD.

Information about Apple who received this bitcoin payment came from Mitch Steves, an RBC analyst. Steves gave Apple advice on buying bitcoin. He also provided input for Apple to create a digital money exchange system.

Steves claims this action will provide a big advantage to Apple. Coupled with the combination of the company's security system with the power of the software in converting cryptocurrency into a business that can generate as much as USD 40 billion annually.

He predicts that this business will be able to beat Twitter boss's digital payment service, Square.

“To put the numbers in place, Square generates USD 1.68 billion per quarter in bitcoin in terms of an estimated active install base revenue of around 30 million. Apple's installation base is USD 1.5 billion and if we assume only 200 million users will transact, this is 6.66 times bigger than Square", said Mitch Steves.