Apple will Provide a Cryptocurrency Payment Function for Retailers

Over the years, crypto has gained popular awareness and acceptance from both inside and outside the crypto field. As a result, the assets have pushed for new use cases beyond investment. Although some shops are now accepting cryptocurrency payments, others are lagging. To improve the initiative for Apple customers, the company has announced an extra new feature. It would allow retailers to accept payments over the phone.

Apple’s functionality would enable cryptocurrency payments.

According to the latest version, the new capability will make Apple devices appear to be makeshift POS merchants. The company has discussed leveraging NFC technology. It enables retailers to accept contactless payments via Apple devices. Apple also stated that the new functionality will accept payments using Apple Pay, other cryptocurrency wallets, and non-physical debit cards.

Payment systems and app developers will be able to use Tap to Pay on the iPhone. Apple will incorporate it into their iOS apps, and business clients can use it as a payment option.

Payment is processed through the iPhone or Apple Watch.

This indicates that Apple will let customers use any of the cards created by the market’s crypto firms. Stripe was the first company to install the new capability, but the company says it will support more platforms in the coming years. Coinbase has collaborated with Google and Apple to provide payment functionality for consumers.

At checkout, the merchant will ask the consumer to hold their iPhone or Apple Watch near the retailer’s iPhone to pay with Apple Pay. NFC technology enables contactless credit or debit cards, or other digital wallet payments. Tap to Pay on the iPhone does not need any extra hardware to accept contactless payments.

All Tap to Pay transactions on the iPhone have encryption protection and use the Secure Element for processing. Also, with Apple Pay, Apple does not know what is being purchased or who is making the purchase.

Before the end of the year, a new feature will be accessible.

Given the Coinbase card’s capacity to convert crypto to fiat and perform transactions, the new Apple capability will allow users to conduct bitcoin transactions. The company also stated that while customers cannot use digital assets to buy products. However, they can convert it to match the monetary equivalent.

Tim Cook, the company’s CEO, has shown his appreciation for the crypto industry by admitting that he owns a variety of assets. He did, however, state that the company was not in a haste to accept digital assets for its services. Finally, the company stated that the new function might be available on the iPhone XS and other higher-end phones by the end of the year.

Tap to Pay on the iPhone will accept contactless credit and debit cards from various networks. Major networks include American Express, Discover, MasterCard, and Visa.

Key Takeaway

  • Apple is planning to bring a new “Tap to Pay” function to iPhone handsets.
  • The function will convert all cryptocurrency payments to fiat currency.
  • By the end of the year, the functionality will be accessible.

Also read: Is Crypto A Good Investment in 2022?