Bitcoin and other cryptocurrencies have been steadily growing in popularity over the last couple of years, and thus are becoming mainstream forms of payment. This is also being reflected by the fact that many payment providers are beginning to accept cryptocurrencies as a payment method on their platforms. One of the biggest announcements in this regard came a couple of months back when payments giant PayPal stated that it would soon begin to support Bitcoin and a few other cryptocurrencies as a payment method online. Similarly, we are also seeing the reverse, where crypto platforms and wallets have been able to add popular payment providers on their apps and sites. Lumi, the extremely popular multi-currency wallet, is one of the latest to join this wave.
Lumi recently announced that users will now be able to use Apple Pay on the platform, wherever Apple Pay is currently operating. This update went live on 11th December 2020, and has simplified the process of buying crypto for those users on iOS, since it does not request a separate KYC for those users who already have an Apple Pay account. This update has been rolled out to users in more than 60 countries, including the US, Canada, France, Germany, UK, Australia, Singapore, Brazil, Saudi Arabia, the UAE and many more. There is a $500 daily limit and a $5000 yearly limit on transactions for users in the US, while those will be $1000 and $7500 respectively for users outside the US. Those limits are due to anti-money laundering requirements, but there is every possibility that they could be relaxed in the future as regulators gain more confidence about the safety and security of cryptocurrency transactions. This update was a part of the platform’s aim to improve the app’s usability, as well as making it more convenient for their users to buy cryptocurrencies.
This move will go a big way towards giving more people access to cryptocurrencies, alongside the announcement by PayPal. They have made it easier for regular people to buy crypto, and this is necessary, since more and more online portals and merchants are beginning to accept the use of cryptocurrencies. Given the advantages that crypto has over regular currency, it is no surprise to see people be interested in this space. One of the online sectors which has been leading the way in this regard is the online casino and gambling space. Online casinos have grown in popularity in recent times, and many of them have also been taking advantage of this by offering users the option to make payments and withdrawals in the form of cryptocurrencies. The advantages of cryptocurrencies, along with the popularity of such casino bitcoin games, has meant that many casino operators have fully embraced crypto, and in such a scenario, it is extremely important that more and more people are able to access cryptocurrencies easily.
Given that Apple Pay is currently on 500 million phones, and the fact that it is also expanding to multiple countries, such as Mexico for example, in the near future, the potential scope for Lumi is huge. It is almost essential for crypto to be available on such platforms, so that more and more people can have access to it. Other than Bitcoin, the likes of Celsius, Dai, EOS and others are available to be bought by users on Lumi. It will be interesting to see if this move gives a boost to Lumi’s transactions and user base in the coming weeks and months, but also if other payment providers are brought onto the platform. Other crypto platforms should also look to tie up with mass payment providers so that they can spread their offerings to as many people as possible.