Apple has announced that it will launch Tap to Pay on its iPhone. This new feature transforms the phone into a point of sale device for merchants and businesses. This is another step forward for the use of cryptocurrency alongside fiat.
Tap to Pay allows iPhone-owner merchants to receive contactless payments using their mobile devices to act as point-of-sale machines thanks to near-field communication technology (NFC). Apple claims that Tap to Pay will allow customers to use their crypto holdings to pay via Tap to Pay.
Apple announced Stripe, an Irish-American fintech company, as the first platform to offer Tap to Pay on its iPhone. However, the company stated that it would be adding more payment platforms and apps later in the year.
Coinbase, the largest crypto exchange, integrated with Apple Pay (and Google Pay) in August 2021 to allow users to buy crypto assets through its platform. Customers based in the US can now purchase crypto with their bank-issued credit and debit cards through Apple Pay.
Coinbase introduced Coinbase Card in June 2021. This card allows users to use cryptocurrency across all major avenues. The platform will convert all cryptocurrency into US dollars and transfer the funds (fewer conversion fees) to the user’s Coinbase Card for purchase and ATM withdrawals.
The Crypto.com Visa Card was launched by Crypto.com, a crypto exchange. It can be added to Apple Pay or other digital wallets.
Tap To Pay on iPhone works with contactless credit cards and debit cards from the top payment networks such as American Express, Discover, Visa and Mastercard.
Coinbase can convert crypto holdings to fiat instantly for payments. Apple Pay users will now be able to tap to pay with their iPhones to make crypto payments to mainstream merchants.
Apple Pay won’t allow you to buy goods or services directly via Bitcoin (BTC), but it will convert your crypto holdings to the amount that the merchant requests to make the purchase.
Apple plans to offer Tap to Pay on Apple Stores, iPhone XS, and later devices.
