As the popularity of cryptocurrencies continues to surge, numerous payment platforms now enable the purchase and sale of these blockchain-based assets. Google Pay is one such platform, and several cryptocurrency exchanges allow users to buy crypto with this mobile payment service. Let's explore how to buy crypto with Google Pay and the platforms that support this payment method.
How to Buy Crypto With Google Pay – Quick Guide
- Create a Google Pay account: The first step is to head to the Google Pay website and add card details by clicking on the ‘Add a Payment Method.’
- Select a crypto exchange: Next, choose an exchange that accepts Google Pay as a payment option. There are dozens of these exchanges, and one such is Coinbase. Register for a free account on the exchange’s website and verify the account.
- Deposit funds using Google Pay: The next step is depositing funds after verification. To do this, click on ‘Deposit’ and select ‘Google Pay’ as the preferred payment method.
- Select and buy crypto: The final step is to select a preferred cryptocurrency. Enter its name or ticker symbol, click 'Buy,' and follow on-screen instructions to buy crypto with Google Pay.
Can You Buy Crypto With Google Pay?
Yes, several cryptocurrency exchanges allow users to purchase crypto with Google Pay. Google Pay is a quick mobile payment service that allows users to send and receive funds from family and friends. It is also used in making mobile payments for apps and other services on the Google ecosystem.
According to market statistics, about 150 million people rely on Google Pay as a payment method, making it a growing concern among smartphone users. In addition, a whopping 20% of mobile purchases are completed using this payment option. This payment method is supported by various crypto exchanges, allowing users to easily trade their preferred digital assets.
Where To Buy Crypto With Google Pay
Below, we review the five prominent crypto brokerages and exchanges that support Google Pay as a payment solution.
Coinbase is one of the top crypto exchanges and is widely regarded as one of the best fiat-to-crypto exchanges available. The exchange has two standalone platforms - the standard Coinbase exchange and the Coinbase Pro, otherwise known as Advanced Trade. You can buy Bitcoin and other crypto on Coinbase using Google Pay linked to their debit card. The platform offers a low deposit minimum of $2 on all Google Pay deposits. Traders can also not sell and cash out their earnings using Google Pay.
Crypto purchase orders are processed instantly. However, using this payment method is largely ideal for small investments.
To fund a Coinbase account using Google Pay deposits, follow these steps:
- Go to the Profile and Settings section on the web (on the app, select Payment Methods).
- Add Google Pay as the payment method.
- Follow the instructions to complete the verification.
- The account can be funded immediately after verification is complete.
Another Google Pay option is the Kraken exchange. Kraken allows customers in supported regions to fund their accounts using Google Pay. However, there is a $10 minimum deposit and a seven-day rolling maximum purchase limit of $5,000. Another requirement users must be familiar with is that the Kraken account must be verified to Express (for US residents), Intermediate, or Pro level.
Once a Google Pay transaction is initiated, an authentication code will be forwarded to the customer’s mobile number as part of the Two-Factor Authentication (2FA) step. Once the code is inserted, the transaction is immediately processed.
To fund a Kraken account using Google Pay deposits, follow these steps:
- Click the Transfer button on the homepage, then select Deposit.
- Select the currency of choice (e.g. US Dollars or Euros).
- Type in the amount to be funded.
- Select Google Pay as the payment method and complete the transaction.
Coinmama functions as a broker that allows customers to buy and sell over 50+ crypto assets without requiring a stringent KYC operation. Coinmama is also a Google Pay Bitcoin broker that allows investors to fund their crypto purchases using their Google Pay balances.
However, Coinmama only supports spot buying and selling of cryptocurrencies. The Bitcoin broker charges transaction fees of around 0.1% - 0.3% per trade. Coinmama charges a payment processing and an in-house service fee to fund accounts not clearly stated in a pricing schedule. However, we were charged a service fee of 10.4% on a $1,000 Bitcoin purchase via Google Pay.
These are the steps to buy BTC on Coinmama with Google Pay:
- Sign in to the website and click on Buy.
- Choose Google Pay (Credit/Debit Card) as the payment option.
- Choose the fiat currency and enter the amount to be funded.
- Enter the wallet address of the recipient.
- Verify ID and complete the transaction.
Gemini offers users access to buy, sell, exchange, and store more than 80 cryptocurrencies. The platform is renowned for its ease of use, intuitiveness, and decent line-up of crypto-facing products and services and is suitable for both newbies and expert traders.
Gemini provides payment options via bank wires, credit/debit cards, and Google Pay. The exchange charges a 3.49% fee on debit card purchases, a 0.5% convenience fee, and a transaction fee of up to 1.49% for orders above $200.
To buy crypto with Google Pay on Gemini, follow these steps:
1. Open the Gemini platform and tap on the crypto asset of choice.
2. Click the buy button to initiate a purchase and then fill in the dollar amount to spend.
3. Select the Google Pay option and complete the transaction.
The Advantages of Buying Crypto With Google Pay
Google Pay stands out as a digital payment service for several reasons.
- It offers exceptional convenience and enables rapid cryptocurrency purchases using fiat currency directly from the user's debit card.
- Google Pay transactions are free of charge.
- Using Google Pay as a funding method ensures hassle-free deposits, with no concerns about additional fees, except for any charges imposed by the chosen crypto trading platform
The Downsides of Buying Crypto With Google Pay
While buying crypto with Google Pay has its advantages, there are also some downsides to this payment method.
- Firstly, not all cryptocurrency exchanges support Google Pay. This sometimes limits users' access, especially on most decentralized exchange (DEX) platforms.
- Furthermore, Google Pay is selective about the credit/debit cards it supports. Cards that are generally supported are Visa and Mastercard. Before selecting this payment option on an exchange, ensure that the card issuer is supported by Google Pay.
How To Buy Bitcoin With Google Pay – Coinbase Tutorial
To purchase cryptocurrency using Google Pay, users must first set up this payment method. Below, we outline the steps to set it up and buy crypto on Coinbase.
Step 1 - Visit the Google Pay website
The first step is to visit the Google Pay website and sign in with a Google account. After doing this, users will be redirected to the Google Pay homepage. The Google Pay app or Google Wallet is an alternative measure to get started for mobile users. Just visit the Google Wallet app website on mobile and tap on the ‘Download’ icon to install the software.
Step 2 - Add a payment method
Next, scroll down and click ‘Add a Payment Method.’ Then, insert the card details and click on the ‘Save’ button. Afterward, a Google Pay account will be generated for the user.
Step 3 - Create a Coinbase account
For first-time users, it is mandatory to register for a new account on Coinbase and verify the account. The exchange requires the government and a photo ID. We listed all the steps in our comprehensive guide on how long to verify a Coinbase account.
Step 4 - Deposit funds via Google Pay
To fund the Coinbase account using Google Pay deposits, click on the round profile icon and select ‘Settings’ from the list of options. Scroll to ‘Payment Methods’ and click ‘Add a Payment Method’ to access a pop-up window. Choose 'Google Pay' and follow the on-screen prompts to link to the Coinbase account.
Step 5 - Buy crypto
Upon successful funding via Google Pay, the user can finally buy any cryptocurrency of choice on Coinbase. Simply type the asset name in the search bar, then click on 'Buy' to make a purchase.
Frequently Asked Questions
Yes, crypto investors can buy Bitcoin with Google Pay. Several top-rated exchanges such as Coinbase and Kraken allow their customers to purchase crypto with this payment option.
Coinbase offers a myriad of payment methods, including Google Pay. This medium lets Investors easily buy Bitcoin and thousands of other digital assets.
Google Pay is a mobile payment service and not a regular cryptocurrency exchange. This means crypto users can only use it as a payment solution, and not a platform to buy, sell, or exchange digital assets.
Google Pay is a fast-rising mobile payment service that has garnered significant interest in recent years. Given that it is tied to the Google ecosystem of products and services, more people are utilizing this convenient online purchasing system.
Interestingly, crypto platforms have begun to embrace Google Pay, and we have highlighted some of the top platforms for purchasing Bitcoin through this payment method. Additionally, we've explored the advantages and disadvantages of utilizing Google Pay and provided a step-by-step guide for getting started with this payment option.