The American multinational technology company, Apple, will allow users of its Apple Pay platform to transact with cryptocurrencies. This comes with “Tap-to-pay,” a new feature that allows iPhone users to make contactless payments to merchants that accept Apple Pay as a payment method. Tap-to-pay will essentially integrate third-party digital wallets to enable payments with crypto.
Apple Pay’s upcoming Tap to Pay feature will integrate digital wallets
Apple stated in a press release that the Tap to Feature, which will be rolled out in the US, will allow merchants of all types to use their iPhones “seamlessly and securely” as a point of sale (POS) device. In addition to integrating digital wallets, Tap to pay also enables merchants to accept payments made with contactless credit and debit cards without the need for additional hardware or payment terminal. The feature matches Near Field Communication (NFC) to enable contactless payments.
Speaking of the feature, Jenifer Bailey, vice president of Apple Pay and Apple Wallet, noted that it would essentially create a new experience for businesses.
As more consumers tap to pay with digital wallets and credit cards, Tap to Pay on iPhone offers businesses a secure, personal and easy way to accept contactless payments and unlock new checkout experiences using the power, security and convenience of the iPhone, Bailey said.
Apple is partnering with leading payment platforms and app developers to roll out the feature. The statement states that contactless cards from American Express, Discover, MasterCard and Visa will be available upon rollout. The feature is open to other app developers to integrate.
Several digital wallets such as Coinbase and Crypto.com already offer contactless cards for payments. These crypto exchanges can integrate Tap to pay so that users can easily convert crypto into dollars for payments in real time.
Crypto Adoption Grows Among Payment Providers
Apple Pay is just the latest payment platform showing interest in integrating crypto. Visa, PayPal and MasterCard have rolled out their crypto payment integrations. Cash App, Jack Dorsey’s payment platform, recently went further by integrating Bitcoin payments through the Lightning Network.
Likewise, traditional financial institutions are also taking steps to accept crypto payments. Bitcoin payment solutions provider, NYDIG, has announced several key partnerships that will allow traditional banks to offer their customers Bitcoin trading and custody services.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
About the author
Olivia’s interests span the cryptocurrency and NFT and DeFi industries. She remains as fascinated with cryptocurrencies today as she was in 2017 when she first started reading about them. She is actively looking for the latest Crypto related stories. When she’s not writing, she tends to her pet Chihuahua or prepares vegan recipes. Reach me at [email protected]
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