Apple’s New Feature Allows Merchants To Accept Crypto Payments To iPhone

Apple announced an upcoming feature ‘Tap to Pay’ that will enable iPhone users to conduct crypto payments across various merchants, small businesses, and large retailers in the U.S.

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 announcement, the feature does not require any additional hardware or payment terminal. Tap to Pay on iPhone will work with contactless credit and debit cards from prominent payment networks, such as American Express, Discover, Mastercard, and Visa.

Customers will also be able to use their crypto to make payments via the new feature. Direct crypto transaction, however, is not available, customers will be able to spend their holdings via Coinbase Card, Crypto.com Visa Card, etc.

Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, commented about the new feature:

“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 also revealed that the privately-held financial services company, Stripe, will be the first payment platform to offer Tap to Pay on iPhone to its business users and will onboard additional payment platforms and apps later this year.

Other platforms are to be announced, but Shopify alone could onboard thousands of new merchants into the crypto economy. Bailey added:

“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.”