In a press release yesterday Apple announced
a new Tap to Pay feature for Apple Phones. This feature will enable millions of users of Apply Pay merchants to easily facilitate the transactions irrespective of the payment method, using a simple tap. In the announcement, Apple also stated that not only Apple Pay, but contactless credit and debit cards, including other digital wallets will also be able to make these transactions eliminating the function of any third-party hardware or payment getaway.
Cryptocurrencies have a huge craze
as an investment asset. With the future becoming more digitalized, payments will be done online too, just like they are done today. An addition to the existing system could be paying in the form of digital currencies. In order to achieve this, there is a need to normalize transactions using crypto.
Making use of the NFC technology,
the company will provide its Apple Phones XS and all the higher model users, the chance to perform their transactions completely wirelessly. Apple Pay and Wallet’s Vice President Jennifer Bailey said, “As more and more consumers are tapping to pay with digital wallets and credit cards, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of Apple Phones.” Adding further to this, she remarked, “In collaboration with payment platforms, app developers, and payment networks, we are making it easier than ever for businesses of all sizes- from solopreneurs to large retailers- to seamlessly accept contactless payment and continue to grow their business.”
This announcement, along with the recent launch of Coinbase and Crypto.com debit cards is what is making it to headlines. Both the cryptocurrency companies have integrated with the payment giants Apple Pay and Google Pay in Apple Phones. This will enable users to facilitate payments using their cryptocurrencies using either of the two apps. Commenting on the process of such transactions, Coinbase said, “Coinbase will automatically convert all cryptocurrency to US Dollars and transfer the funds to your Coinbase Card (less conversion fees) for use in purchases and ATM withdrawals.”
More than 90% of all US retailers accept Apple Pay and with this new feature, crypto can be used as a transaction method any and everywhere in the US. Once successful there, we can expect the feature being launched in India soon, since the number of investors in cryptocurrency is seeing the rise in trends.
The only other competitor to challenge this feature of Apple Pay is Google Pay in Apple Phones. Unfortunately, it has only 3% domination in the American markets. Apple on the other hand has a whopping percentage of 92% domination. Google, trying to step up its game, has hired a PayPal veteran in order to being testing payments with crypto in Apple Phones. Sharing views on the same, Google’s President of Commerce put their views forth to Bloomberg, Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.” The news on further developments is yet to be disclosed. How early does this feature become available in India depends on how much success it faces in the US.
Also Read: The Best Cryptocurrencies to Invest in 2022