Just a week after Apple Pay was launched as a new payment option for Bitcoin purchases on Lumi Wallet, transactions in a wallet have risen by over 200%, according to a report shared with AMBCrypto.
The introduction of Apple Pay has reportedly led to a streamlining of the crypto-purchase procedure, with transaction time reduced by about 7 times. This came down to the fact that the KYC authentication process, which is customary for traditional ways to buy crypto, usually takes about 10-14 minutes. With Apple Pay, Lumi Wallet users can skip this identification procedure. Thus, the reduced purchase time to less than 15 seconds.
According to Lumi Wallet CEO Diana Furman,
“We were sure that Apple Pay was an essential feature of our wallet, as well as the general adoption of bitcoin. Our team understands that as a market participant we need to simplify crypto as much as possible. ”
According to Lumi’s in-wallet statistics, the majority of purchases were made by consumers in the United States, accounting for 33% of all purchasing operations.
Interestingly, though North America made the highest number of purchases, Latin America recorded the largest number of new entrants – a 29% increase since November.
This sharp increase in new entrants, especially from regions such as Latin America, suggests that avoiding KYC processes goes a long way toward simplifying the barriers to entry for crypto-buying.
A similar sentiment was shared by Indian crypto-investors, according to a survey called ‘Mood of the Nation’ by Indian crypto-exchange, CoinDCX. This survey revealed that 60% of respondents felt they needed an easier way to join crypto.