Apple Unveils a Tap-to-Pay Feature for iPhones

Apple Inc has announced the launch of a Tap-to-Pay feature. The feature will be available on the Apple Pay app, and it could bring a new way for people to make payments on digital platforms.

This app will be launched through a partnership between Apple and Stripe. The latter will be the first company that offers a Tap-to-Pay option for their business clients.

Apple launches a Tap-to-Pay feature

Merchants that want to use the Tap-to-Pay feature need an iPhone XS or the models following it. Moreover, the merchant needs a supportive iOS app to facilitate the transaction. The customer will bring their phone closer to the merchant’s phone to conduct the transaction. The transaction will then be facilitated through a New-Field Communication (NFC).

While this is good news for Apple users who want a convenient way of settling transactions, cryptocurrency support is yet to be unveiled. Stripe, the first partner firm to adopt this feature, halted support for cryptocurrency transactions in 2018. However, in November last year, the CEO said that the company was considering dipping its toes into crypto again.

The next step after this launch is the integration of credit cards and debit cards. Once this option is unveiled, it will allow users of Coinbase Card, Crypto.com, Visa card and other crypto supportive cards to pay with cryptocurrencies. However, Apple has not addressed whether all cards will be supported or the feature will be restricted to fiat-only cards.

The CEO of Apple, Tom Cook, has also failed to mention if Apple Pay will soon offer support for Bitcoin. Some users on Twitter reacted to the announcement seeking to know if the feature would work for Bitcoin payments.

Apple has made some moves in the crypto space

Apple has had a keen eye for the cryptocurrency space. However, the company is yet to give a definite stand on where they stand on crypto matters. In May 2021, Apple caused a buzz in the crypto industry after listing a job offer for a business development manager specializing in alternative payments. The job posting required that the individual have at least five years of experience working on cryptocurrencies.

While Apple has been hesitant to launch crypto services, Apple users have not missed out. In August last year, Coinbase, one of the largest cryptocurrency exchange platforms, announced it would start accepting Apple and Google Pay transactions to buy cryptocurrencies.

The Coinbase feature allows customers that have added a debit card or a credit card to their Apple Wallet to use it as a payment option on Coinbase when using iOS devices that support Apple Pay or a Safari web browser.

In mid last year, Coinbase launched the Coinbase Card, serving as a Visa debit card. This card can be integrated into Apple Pay. When Coinbase launched the feature last year on a pilot basis, users received a 1% cashback in Bitcoin and a 4% cashback in Stellar Lumens.

If Apple made the Tap-to-Pay feature available on Coinbase, it would allow merchants to receive their payments in fiat as the exchange can convert cryptocurrencies to fiat currency in real-time.

The integration of Bitcoin into payments platforms is already taking shape. Recently, Cash App announced integrating the Bitcoin Lightning Network to allow users to transact Bitcoin in real-time.