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MetaMask Discloses Apple Pay Integration to Buy Cryptocurrencies

MetaMask’s announcement of its Apple Pay integration surprised the crypto community. Investors in Apple and the crypto world are now wondering what this partnership may represent.

Leaving aside any creative speculation of crypto enthusiasts, the advantages for Apple are relatively straightforward.  

A Quick Introduction to the MetaMask Crypto Wallet

MetaMask is a well-liked cryptocurrency wallet because of its simplicity and availability on desktops and mobile devices. The system can buy, transmit, and receive cryptocurrency directly from a wallet. It can also simultaneously gather non-fungible tokens (NFTs) from two different blockchains.

Those with expertise in the crypto sector like the ease and speed of the system. However, those new to it face a greater danger of losing their tokens. The risk is of misplacing private keys or falling into typical crypto frauds.

User anonymity rather than typical security mechanisms is MetaMask’s approach to security.

MetaMask does not save any user data because the program is decentralized and non-custodial. As an alternative, users create their passwords and utilize biometric data on their mobile devices to safeguard their wallets. They may then use a 12-word seed phrase to recover their wallets.

As a result, consumers must rely on the seed phrase even if they contact technical assistance. If a user’s seed phrase is misplaced, they will no longer have access to their wallet.

The Apple Pay Crypto Integration

Recently, MetaMask has focused on a series of tweets on ApplePay. There is no need to deposit Ether (ETH) from a third-party exchange like Coinbase onto the mobile application. This feature is probably the most critical aspect of the software.

Debit card and credit card transactions rely on Wyre and Transak, two payment gateways MetaMask employs. As a result of the Wyre API, Apple Pay users may now buy Ethereum. Furthermore, users will be able to deposit a maximum of $400 into their wallets per day. 

According to MetaMask’s tweets, some transactions on private chains may be gasless. Gas prices are supposedly lower using the Apple Pay mechanism. MetaMask always said that the company does not earn from gas fees while executing an ETH purchase.

Payment Companies are Joining the Crypto World

Several major tech companies have lost their skepticism of the crypto world lately. The latest case we can mention is Visa’s decision to enter the Non-Fungible Token (NFT) market.

The company launched the “NFT Creator Program” to join the recent NFT hype. Entrepreneurs in art, music, fashion, and cinema might benefit from a year-long immersion program. Those taking part in the program will utilize NFTs to help grow their small businesses.

Users will learn to become more proficient in crypto commerce and conventional payment methods.

Visa’s interest in this fast-growing industry was well-known to the general public before the company’s announcement. The payment business spent $150,000 for a CryptoPunk NFT back in August 2021.

Visa and Apple Pay aren’t the only payment options to join the crypto hype. We’ve seen some recent advancements from MasterCard, despite being initially more conservative than Visa.

Understanding the Importance of Apple Pay

All statistics show that Apple Pay’s users are well above 500 million globally. Furthermore, roughly 70% of merchants in the U.S. accept Apple Pay as a form of payment.

Data proves that only 6% of the iPhone owners use Apple Pay, leaving an enormous 94% user potential.

If we combine these numbers, we can easily understand that MetaMask’s move is a strategic operation for Apple. The company realizes that the market is ready to accept Apple Pay as a mainstream payment. However, Apple’s customers are not keen on using this service, at least for the moment.

Looking at how the crypto market is growing, Apple’s decision appears natural. For inexperienced users, buying cryptocurrencies with MetaMask may seem complex at first.

Allowing its customers to use Apple Pay to buy crypto is probably a good marketing strategy. Moreover, limiting the daily deposits to $400 is a way to reduce Apple’s exposure to this market.

MetaMask Apple Pay Integration – Our Final Thoughts

While the internet world is imagining a future where Apple accepts Bitcoin, we may want to be more cautious. MetaMask’s Apple Pay integration is telling us two things:

  1. Apple is very keen on finding ways to increment the user base of Apple Pay.
  2. At the same time, Apple does not want to be too exposed in this market for the time being.
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The management took this decision to boost Apple Pay user growth. In other words, this operation may represent a first experiment for the tech giant. It is probably too early to call for an Apple endorsement of the crypto industry.

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