Google Pay is one select service that was positioned as a go-to for currency exchanges for a long time, though it is not such. In fact, it is just a payment service. Like any other of its competitors, it just lets people rely on their phones and connected bank cards to make everyday contactless payments. The debit card and credit card services that make a connection to Google Pay can act as direct gateways into any service that users turn to for their purchases. These selling points make Google Pay also applicable for cryptocurrency exchange balance top up operations. Unsurprisingly, such notable names as Binance and Bybit state that our Google Pay connection is the most secure and reliable. That may well be true, but those who think that Google Pay can be relied upon indefinitely or anywhere in the e-assets industry have some thinking to do.
Some platform exchange venues do not support Google Pay and bear some risks. The risk is that some operations can be declined and the chance of slippage increases. Slippage is reserved for decentralized exchanges that have a certain time span between the operation being registered and hashed. During this period, the miners need to process the operation and introduce it into the blockchain. The time span is not frozen and events on the market are happening in the meantime. This means that the price of the asset involved in the operation can go up or down.
Google Pay users can click on the icon of the service and start connecting it to the exchange of choice once they register on a selected venue. The volume they can send via Google Pay is dependent on the platform of note. There are limits of several thousand dollars per day set by some venues, others have millions of dollars as limits. This means that users need to apply to various levels of user registration to gain access to larger amounts. The limits imposed by Google Pay may be different from those elsewhere.
How to Buy Crypto with Google Pay
Once users connect Google Pay, they can access the many buy options offered by the application used in the here and now by any individual. The aforementioned approach is most recommended for those who already have a Google account, since it will act as the sole means of facilitating the option of having Google Pay connected. Once gateway is online and tethered to the balance of a crypto exchange, users can determine the amount of funds they wish to transfer and thus top up their current accounts.
There have been cases of being disconnected in some countries under sanctions regimes. Even the connection of a VPN is unlikely to be of help in the given case, since the details of the bank account holder that the Google Pay account is still located in the sanctioned jurisdiction. This means that users will not be able to get any funds through and the Google Pay service is very likely to give an error reading upon any attempt to send funds out of a connected card. The given risk is extremely acute for people in such countries as the Russian Federation, which has been under sanctions and has seen the Google Pay service disconnected in it.
Key Takeaways
Google Pay is a convenient way of making everyday payments that can be connected to virtually any e-assets exchange and used to purchase assets. The connection of the service to such gateways as MasterCard and Visa makes it a preferred option for purchases both offline and online.
