TL;DR Breakdown
- Apple to add new Tap to Pay feature to iPhone devices.
- The feature will comvert all crypto payments to fiat
- The feature will be available by the end of the year
Over the years, crypto has continued to gain mainstream adoption and acceptance from everyone in the crypto sector and outside it. This has made the assets push for new use cases asides from being used for investments. Although some merchants now accept payments in crypto, others are dragging their feet in following the trend. To make the initiative better for Apple users, the Company has announced that it will add a new feature to let merchants make payments from the phone.
Apple feature would allow crypto payments
The new feature will make Apple devices look like a makeshift POS merchant, according to the new update. The Company also mentioned using NFC technology to allow merchants to make contactless payments through their Apple devices. Apple also mentioned that the new feature would support payments in Apple Pay, other crypto wallets, and non-physical debit cards.
Tap to Pay on iPhone will be available for payment platforms and app developers to integrate into their iOS apps and offer as a payment option to their business customers.
In collaboration with payment platforms, app developers, and payment networks, we’re making it easier than ever for businesses of all sizes.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet
Payment processed through iPhone or Apple Watch
This means that Apple will allow users to use any of the cards produced by any crypto companies in the market. Although Stripe became the first Company to use the new feature, it notes that it will support other platforms in the coming years. A previous partnership saw Coinbase team up with Google and Apple to provide payment support for users.
At checkout, the merchant will simply prompt the customer to hold their iPhone or Apple Watch to pay with Apple Pay, their contactless credit or debit card, or other digital wallets near the merchant’s iPhone, and the payment will be securely completed using NFC technology. No additional hardware is needed to accept contactless payments through Tap to Pay on iPhone.
All transactions made using Tap to Pay on iPhone are encrypted and processed using the Secure Element, and as with Apple Pay, Apple doesn’t know what is being purchased or who is buying it.
New feature will be available before the end of the year
Considering the Coinbase card’s ability to convert crypto to fiat and make transactions, the new Apple feature will allow users to make transactions in crypto. The Company also mentioned that users could not buy goods using digital assets, but they can convert them to match the dollar equivalent.
The CEO of the Company, Tim Cook, has shown an admiration towards the crypto sector, revealing that he holds an array of assets. However, he mentioned that the Company was not rushing to accept digital assets for its services. Finalizing its statement, the Company noted that the new feature could be rolled out on iPhone XS and other higher-ranged phones before the end of the year.
Tap to Pay on iPhone will work with contactless credit and debit cards from leading payment networks, including American Express, Discover, Mastercard, and Visa.
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