Apple announced US shops will be able to accept Apple Pay and other contactless payments later this year.
Payments with Cryptocurrency: Possibilities
Apple announced today that Tap to Pay would be available on the iPhone. Millions of merchants across the United States, from small shops to huge retailers, will be able to accept Apple Pay, contactless credit and debit cards, and other digital wallets with a single tap – no additional hardware or payment terminal required. Payment platforms and app developers will be able to incorporate Tap to Pay on iPhone into their iOS apps and provide it as a payment option to their business clients. This spring, Stripe will be the first payment platform to offer Tap to Pay on iPhone to its business customers, which will include the Shopify Point of Sale app. Later this year, more payment platforms and apps will be available.
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.”
To bring Tap to Pay to millions of merchants in the United States, Apple will collaborate with major payment platforms and app developers in the payments and commerce industry. Tap to Pay for iPhone adds to the full set of payment and commerce options that payment systems and app developers offer their merchant customers to help them run and grow their companies. Contactless credit and debit cards from leading payment networks, such as American Express, Discover, Mastercard, and Visa, will work with Tap to Pay on iPhone.
Coinbase merged Apple Pay and Google Pay in August 2021, allowing customers to buy crypto assets on its platform. The move allowed users in the United States to buy cryptocurrency using bank-issued debit and credit cards using Apple Pay, a mainstream payment channel.
Apple Pay customers will be able to use the iPhone’s Tap to Pay function to make crypto payments across mainstream retailers and businesses, thanks to Coinbase’s ability to convert a user’s crypto holdings to fiat in real-time for payments.
While Apple Pay is unlikely to allow direct purchases of goods and services using Bitcoin (BTC), it will convert the user’s crypto holdings to the dollar amount needed by the merchant’s point-of-sale equipment in order to complete the transaction.