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Tech behemoth Apple recently announced an upcoming feature that is poised to benefit crypto investors. In an official post, the company revealed that 2022 will see the introduction of a Tap To Pay feature that will let iPhone owner merchants accept payments via digital wallets, and credit and debit cards.
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The feature will enable millions of merchants in the U.S. to quickly integrate their payment capabilities with digital assets. Thus, opening new methods opportunities that could improve upon traditional payment rails.
According to the post, merchants and users will only require the company’s payment service without the need to install or invest in additional hardware. In addition, the Tap To Pay payment card feature will be made available to developers to integrate into the iOS apps to expand their capabilities.
The company claims all payments will be secure via Apple Pay which could provide consumers with more confidence to adopt digital assets. Jennifer Bailey, Vice President of Apple Pay at the company, said the following about their upcoming feature:
As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone.
Financial services company based in San Francisco; Stripe will be the first platform to offer this upcoming feature. The company will offer the service on iPhone to major business customers, such as Shopify via their Point-of-Sale app during 2022’s spring season.
Other platforms are to be announced, but Shopify alone could onboard thousands of new merchants into the crypto economy. Bailey added the following:
In collaboration with payment platforms, app developers, and payment networks, we’re making it easier than ever for businesses of all sizes — from solopreneurs to large retailers — to seamlessly accept contactless payments and continue to grow their business.
Apple Warming Up To Crypto
The company clarified that merchants would need a supporting iOS app only available for iPhone XS or more recent hardware. According to the post, a consumer will need to follow a very simple process at checkout which will consist of taking their crypto wallet, iPhone, credit or debit card, and holding it close to the merchant’s phone, as seen below.
Source: Apple
Later, any payment will be sent to the merchant and secured via a technology called NFC. As the company claims, there is a 90% acceptance rate for the company’s payment service across retail merchants in the U.S., the company added:
(…) with this new capability, virtually every business, big or small, will be able allow their customers to Tap to Pay on iPhone at checkout. Tap to Pay on iPhone will also roll out to Apple Store locations in the US later this year.
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As of press time, the total crypto market cap stands at 1,99 trillion and has shown signs of recovery on the daily chart.
Total market cap is close to $2 trillion on the daily chart. Source: Tradingview
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