Apple has revealed plans to provide Tap to Pay on the iPhone, a new feature that transforms the smartphone into a point-of-sale device for companies and merchants. So, what does this mean for cryptocurrency?
According to the statement, owing to near-field communication technology, or NFC, iPhone-owning shops may accept contactless payments by utilizing their mobile devices as a point-of-sale system.
Apple’s soon-to-be-released Tap to Pay feature will support “Apple Pay, contactless credit and debit cards, and other digital wallets,” according to the company. Customers who have a Coinbase Card, Crypto.com Visa Card, or a similar payments card will be able to use their crypto holdings to make payments unless Apple puts a direct obstacle in the way.
Apple announced Stripe as their payment partner. In 2018, Stripe stopped accepting bitcoin payments. However, the CEO stated in late November 2021 that the firm is open to taking cryptocurrency payments.
Apple to take a bite of crypto
Coinbase, a prominent crypto exchange, merged with Apple Pay and Google Pay in August 2021, allowing customers to buy crypto assets on its platform. It allowed users in the United States to purchase cryptocurrency with bank-issued debit and credit cards through Apple Pay.
To bring Tap to Pay to millions of retailers in the United States, Apple will collaborate with major payment systems and app developers in the payments and commerce sector. Contactless credit and debit cards from prominent payment networks, including American Express, Discover, Mastercard, and Visa, will function with Tap to Pay on iPhone.
Apple CEO Tim Cook stated last year that he owns cryptocurrency. He admitted that he owns cryptocurrencies as “part of a diverse portfolio.” Cook noted that he had been eyeing cryptocurrency and had been interested in it “for a while.”
He stated that his interest stemmed from a “personal standpoint.” He also dismissed the speculations that Apple may accept cryptocurrency as money in return for products or purchase it with company assets. “I’m not giving anyone investment advice by the way.”, he added.
Recently Cash App, a mobile payments app developed and owned by Twitter co-founder Jack Dorsey’s Block, has announced support for BTC transactions over the Bitcoin Lightning Network.