Google Pay has been known to be a secure payment platform, allowing users to send money to their families or even pay for online purchases. But did you know you can buy Bitcoin using Google Pay? We will explain the process in this guide.
To buy Bitcoin using Google Pay, you need to sign up with a crypto exchange that supports this payment method. That is because buying the coin directly on the payment platform is impossible.
Google Pay is among the many FinTech apps facilitating crypto trading. Other platforms offering similar services include Cash App and Revolut. These three apps have witnessed massive adoption since they began supporting crypto purchases. Google Pay, for example, has seen its user base jump from 28.1 million in 2021 to 34 million this year. It is projected that this figure will skyrocket to 45 million by 2028.
Which Crypto Exchanges Support Google Pay?
Although Google Pay supports Bitcoin purchases, it’s not available on all crypto exchanges. Trading platforms with Google Pay as a payment method include CEX, Uphold, Kraken, Coinbase, eToro, and Binance. It is worth mentioning that Binance users in the United States cannot use Google Pay.
How Do You Buy BTC With Google Pay?
Purchasing BTC with Google Pay is super simple. You only need two accounts, one with Google Pay and the other with a crypto exchange that accepts Google Pay payments. We picked Binance for this guide.
Now, here is how to buy Bitcoin with Google Pay:
Step 1: Create a Google Pay Account
If you don’t have a Google Pay account, you need to create one. You can download the app from the Google Play Store or App Store. After it finishes installing, provide the required details, including your email and phone number. Once the information is verified, you can start buying Bitcoin.
Step 2: Link Your Google Pay Account With a Payment Method
Connecting a payment method with your Google Pay account is essential to start buying Bitcoin. Some of the payment options you can add are bank accounts, PayPal, and debit/credit cards. To do this, go to “Payment Methods” and select the method you want to add. However, before completing this process, you will have to verify your identity.
Once done, click “Save” to add the payment method.
Step 3: Purchase Bitcoin on Binance
To buy BTC on Binance, you must register and verify your trading account. The crypto exchange can be installed on both Android and iOS devices. After completing the know-your-customer process, click “Buy Crypto” on the exchange’s homepage and choose Debit/Credit Card.
Step 4: Pick Google Pay as Payment Method
After selecting the Debit/Credit Card option, Binance will direct you to a buy page. Now, choose Bitcoin as the crypto asset you want to purchase. Next, click “Other Payment Method” and press “Google Pay” then “Continue.” Binance will display all the cards linked to your Google Pay account. Pick the one you want to use and hit “Pay.” Once the payment is processed, your BTC will arrive in your Binance wallet within minutes.
What to Consider When Buying BTC With Google Pay
There are fees to be incurred when buying Bitcoin on Binance. The crypto exchange imposes a 0.5% fee on every BTC purchase. Google Pay, on the other hand, doesn’t charge any fees.
Another factor to consider is the high volatility in the crypto market. Not to scare you, but losing your Bitcoin immediately after you purchase it is possible. Moreover, the crypto industry is vulnerable to attacks. Therefore, ensure to secure the wallet holding your Bitcoin. You can adopt security measures like the 2FA method.
If you prefer Coinbase to Binance, the process of buying Bitcoin using Google Pay is similar. The Coinbase app is also supported on both iOS and Android devices.
Conclusion
Google Pay offers a convenient way for beginners to purchase their first Bitcoin. However, before injecting funds into the crypto market, ensure you understand the inherent risks.
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