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Apple has announced plans to launch Tap to Pay for its iPhone on Wednesday. This new feature will effectively turn smartphones into a point-of-sale device for businesses and merchants.
The announcement explains that with Tap to Pay, iPhone-owning merchants receive contactless payments by using their mobile devices as a point-of-sale machine thanks to the near-field communication technology, or NFC.
According to Apple, the soon-to-be-launched Tap to Pay feature will enable merchants owning iPhones to transact thru contactless payments by using their mobile devices as a point-of-sale machine making use of the near-field communication technology (NFC). It will support “Apple Pay, contactless credit and debit cards and other digital wallets,” thereby allowing customers that hold crypto-linked cards such as the Coinbase Card, to make crypto payments via the Tap to Pay feature.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said:
“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.
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.”
Payment platform Stripe will be the first to offer Tap to Pay on iPhone to their business customers, including the Shopify Point of Sale app this spring. More payment platforms and apps will follow later this year, the announcement reads.
Billy Alvarado, Stripe’s chief business officer, said:
“Whether you’re a salesperson at an internet-first retailer or an individual entrepreneur, you can soon accept contactless payments on a device that’s already in your pocket: your iPhone.
With Tap to Pay on iPhone, millions of businesses using Stripe can enhance their in-person commerce experience by offering their customers a fast and secure checkout.”