Smartphones are generally used for making payments to merchants using the tap to pay feature. But iPhones will soon allow American users to accept crypto and regular payments directly on their smartphone via tap to pay. So, let’s say you visit a store and buy groceries; the merchant at the store can accept the payment on his/her iPhone itself. Apple says that the feature will be easy to use, secure, and out in 2022.
Apple’s new feature
As Tim Cook tweeted about the feature, reports and speculations started flowing in that the tap to pay will support crypto. One of the reasons for this is Stripe which is one of the popular payments platforms. They will be the first one to take advantage of this new feature, as reported by Apple in their report. Apple’s vice president added that as more users start using this feature and pay with digital wallets and credit cards, it will become an easy way for merchants to accept payments.
All developers can update their apps to support this feature, and soon it could become something that’s used everywhere. The only restriction is the support will be available on iPhoneXS and above.
Privacy which is also one of the concerning factors of any payment solution, is taken care of here. Apple says that every transaction will be encrypted and secured, and even they won’t know who is paying and for what product. Since iPhones are ubiquitous in the US, it won’t take much time for this feature to take off. For merchants, it means they don’t need to invest in a separate POS device for the same.
The crypto angle
The use of the word digital wallet by Apple’s vice president suggests that they might be planning to support crypto. In fact, the default payment method might also be cryptocurrencies which will be a great move for adoption. However, it is important to note that Apple won’t accept crypto themselves. Instead, they are becoming a medium to allow the same.
What are your thoughts as iPhones will allow American users to accept crypto and other payments via tap pay? And do you think this will lead to adoption? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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