On the Lumi platform, apple pay users can now use their apple pay option to purchase any cryptocurrency they want. The new development would be available for a broad range of countries all around the world like Canada, Saudi Arabia, Singapore, UK, France and others.
The new option will help old Apple pay users save time by being able to bypass KYC on their next purchase with the method. The team behind the app’s creation explained that the platform was created with top-notch user experience and recognized that creating the right solution for everyone would be difficult. Still, the new payment method will further broaden their options.
Users can now buy crypto through Apple pay
The Lumi wallet’s development team have integrated the payment option into the app to give a seamless payment for crypto with it. The wallet has options of different digital assets so users can quickly get all their crypto needs at a single spot.
The wallet announced the recent development last week and made it known that millions of active users of apple pay can benefit from it. Lumi has always been big on payment convenience, following an earlier development of allowing bank cards to be used to purchase crypto. Sources suggest that the recent decision would favour Lumi significantly due to apple pay’s popularity amongst Apple product users.
Apple pay is a straightforward payment method that allows you to skip various time-wasting processes like an identification check. The simplicity it gives is a good change from the inevitable processes other methods use when authorizing a purchase.
The payment method has already gotten each user’s identity. Also, it does not repeat the process of continually asking for the same piece of information anytime someone wants to buy crypto. Users describe the process as very convenient by just clicking the choice of crypto and the amount you want.
Lumi wallet’s limitation on Apple pay
Lumi explained that Apple pay was a readily available payment and that the team was had a goal of simplifying purchase procedures. The wallet equally revealed that it followed the term of the integration process, which would allow users to pick it as a payment method. Unfortunately, the option has its limitations which might discourage some serious investors in using it.
US residents have the lowest quota of purchase, limiting buys to $500 daily and weekly with just $5,000 for a yearly purchase. The US has been making some strict regulations concerning money, mainly because they want to check the activities of money launders, being a reason for the unfortunate limitation.
Residents outside the US will enjoy better options with $1000 worth of daily purchase and $7,500 yearly with the option. Not all countries will have access to the new options, countries like China, Monaco, Russia, Romania and others are not eligible to use it.
It’s great to see that many big payment brands are warming up to cryptocurrency purchase like just recently when PayPal allowed Bitcoin purchase services. Cryptocurrency is continually gaining some acceptance in the society as a reliable asset class with the entry of new purchase methods.