How to Buy Crypto With Google Pay

This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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.

This Is How To Buy Bitcoin With Google Pay

Users must first set up this payment method to purchase cryptocurrency using Google Pay. 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 mobile users can use to get started. 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

First-time users must register for a new account on Coinbase and verify the account. The exchange requires the government and a photo ID.

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.

Yes, You Can 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 to make 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 trade their preferred digital assets efficiently.

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.

1. Coinbase

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, which is 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:

1. Go to the Profile and Settings section on the web (on the app, select Payment Methods).
2. Add Google Pay as the payment method.
3. Follow the instructions to complete the verification.
4. The account can be funded immediately after verification is complete.

2. Kraken

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. Users must also be familiar with the requirement 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:

1. Click the Transfer button on the homepage, then select Deposit.
2. Select the currency of choice (e.g. US Dollars or Euros).
3. Type in the amount to be funded.
4. Select Google Pay as the payment method and complete the transaction.

3. Coinmama

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:

1. Sign in to the website and click on Buy.
2. Choose Google Pay (Credit/Debit Card) as the payment option.
3. Choose the fiat currency and enter the amount to be funded.
4. Enter the wallet address of the recipient.
5. Verify ID and complete the transaction.

4. Gemini

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. Card types 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.