You can now buy Bitcoin with Apple Pay, thanks to a new integration in the multi-currency crypto wallet app, Lumi. You can also buy ETH, BCH, Tether USDT, Binance USD, Celsius, Dai, EOS, and more than 1,200 ERC-20 tokens via Ethereum.
Using Apple Pay also simplifies the purchase process, as you can skip identification verification …
Anti-money laundering legislation requires banks and other financial institutions to instigate what is known as KYC – Know Your Customer – verification.
The know your customer or know your client (KYC) guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank’s Anti-Money Laundering (AML) policy. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be.
Lumi explains that because Apple and its partner banks already completed these checks, Apple Pay users do not need to be re-verified in its own app.
From December 11th, 2020 after releasing the latest version of the app, Lumi Wallet’s iOS users will be able to choose a new option to buy crypto using Apple Pay. This payment method will simplify the purchase process due to not requesting KYC verification for those users who already have an account with Apple Pay wallet.
Anti-money laundering regulations do still impose some restrictions, however.
For U.S. citizens there are $500 limits daily and weekly, and $5000 yearly. For non-U.S. citizens daily and weekly limits will be $1000, and $7500 yearly.
The company says that Apple Pay support was one of the steps in maximizing ease of use in the app, which aims to cater to both cryptocurrency beginners and more experienced users.
Our team strives to develop the app as user-friendly as possible. Since there cannot be a universal solution for everyone, we are going the way of creating the interface of our wallet in such a way that users have the opportunity to choose the functions that they need. Adding Apple Pay as an alternative payment method to purchase crypto is one of the steps on this way.
Support begins today in more than 60 countries, including the US. Other launch countries include Canada, Germany, France, UK, Australia, Singapore, Brazil, Saudi Arabia, and the United Arab Emirates
Lumi Wallet is a free download from the App Store. While the ability to buy Bitcoin with Apple Pay is handy, bear in mind that many professional investors consider it a huge gamble with no real logic underpinning the value of it or other cryptocurrencies.