Lately, Apple has announced its plan to machine in the ‘Tap to Pay feature on Apple Pay for its iPhone customers. Technically, Apple users will soon be able to make crypto payments through all the mainstream merchants and businesses. These crypto payments features will use iPhone’s tap-to-pay mechanism.
The new seamless feature will authorize millions of businesses across the United States to use their iPhones for securely accepting Apple Pay. The retailers can now add their credit & debit cards and sync other digital wallets to perform contactless payment mechanisms. ‘Stripe’ is the very first payment platform to use the Tap to Pay feature on iPhone for their customers.
This characteristic uses near-field communication technology, or NFC to make the tap to pay payment possible for the mobile devices serving as a point of sale machine. No additional hardware or terminal is needed to complete the payment process so that business merchants can accept payments whenever and where ever they do a business.
So, what’s in it for crypto?
According to Apple, the Tap to Pay feature extends its support to “Apple Pay, contactless credit and debit cards and other digital wallets.” It means, customers using Coinbase Card, Crypto.com Visa Card, or a similar payments card will be able to use their cryptocurrency as a medium for payments through Tap to Pay.
In August 2021, the biggest crypto exchange Coinbase integrated with Apple Pay and Google Pay which allowed users to buy crypto assets on its platform. Consequently, US-based customers were allowed to purchase cryptocurrency through their bank-linked credit and debit cards via the Apple pay payment system.
Back then in June 2021, Coinbase issued ‘Coinbase Cards’ to its customers. Also, Coinbase issued a public interest statement that it will convert all the cryptocurrency in US dollars and transfer the funds to Coinbase Cards. This will help to increase the purchasing power of people while paying less conversion fee to the exchange.
In addition, Apple Pay is most likely not to allow direct purchase of services via Bitcoin (BTC). But, it might convert the crypto holdings of customers to fix the dollar amount required by the merchant’s end. Apple is expected to launch the Tap to Pay feature on Apple stores, iPhone XS, and later devices.