Apple’s Upcoming iPhone feature to give merchants a way to accept crypto payments
Apple Pay users will be able to use Iphone's Tap to Pay features to make crypto payments across mainstream merchants and businesses.
Apple declared the plans to launch a new feature Tap to Pay for its iPhone, that effectively turns a smartphone into a point-of-sale device for businesses and merchants.
According to Apple, the soon-to-be-launched Tap to Pay feature will extend support to "Apple Pay, Contactless credit and debit cards and other digital wallets." it means that unless Apple places a direct barrier for it. Users who are using Coinbase Card, Crypto.com Visa Card, or a similar payments card would be able to use their cryptocurrency holding to make payments via Tap to Pay.
We just introduced Tap to Pay on iPhone, a great way for millions of small businesses to accept contactless payments right from their iPhone. It’s easy, secure, and will be coming out later this year. https://t.co/w6P6oS7grm— Tim Cook (@tim_cook) February 9, 2022
Apple has announced Stripe, an Irish American fintech, is the first platform to offer the Tap to Pay feature on the iPhone, the company clarified that "additional payment platforms and apps will follow later this year."
In August 2021, Giant crypto exchange Coinbase integrated with Apple Pay and Google pay, allowing users to purchase crypto assets on its platform. The United States-based customers buy crypto using bank-issued debit and credit cards via mainstream payments platform Apple Pay.
In June 2021, Coinbase launched Coinbase Card, ending users to spend cryptocurrencies across mainstream avenues:
“Coinbase will automatically convert all cryptocurrency to US Dollars and transfer the funds to your Coinbase Card (fewer conversion fees) for use in purchases and ATM withdrawals.”
Crypto exchange crypto.com launched a similar offering named crypto.com Visa Card, which can be added to Apple Pay and other major digital wallets. Apple said in the announcement:
“Tap to Pay on iPhone will work with contactless credit and debit cards from leading payment networks, including American Express, Discover, Mastercard, and Visa.”
Considering Coinbase's capability to convert a user's crypto holing to fiat in real-time for payments, Apple Pay Users will be able to IPhone's Tap to Pay feature to make crypto payments across merchants and businesses.
Apple Pay will most off not allow the direct purchase of goods and services via Bitcoin (BTC) it will convert the user's crypto holding to match the dollar amount requested by the merchant's point of sale machine to make the purchase.
In November 2021, Apple CEO Time Cook revealed the cryptocurrencies buyer as "part of a diversified portfolio" while highlighting no immediate plans to accept crypto as means of payments for Apple products.
Cash App, a mobile payments service developed and owned by Twitter co-founder Jack Dorsey's Block, declared compatibility with the Bitcoin Lightning Network for BTC transfer.
Lightning Network is now available on Cash App. It's the fastest, free way to pay anyone in bitcoin.— Cash App (@CashApp) February 7, 2022
Buy tacos, tip your favorite Twitter comedian, or send a friend money abroad—anywhere that accepts lightning. pic.twitter.com/65TXSJ6yL6
With the launch of the new feature, Cash App users can make faster BTC transactions across the business. The company has made the feature available everywhere in the United States apart from New York.