It has been a long time now that Cryptos have been used as a mode of payment by Merchants all around the globe. If you look at the present scenario, cryptocurrencies are highly in demand. Recently, Apple made a shocking and interesting announcement about Apple allowing its users to accept and make payments in Crypto.
The company also introduced a new feature, “Tap And Pay” to make crypto payment easier and faster. The best part about the announcement is that you don’t need to install any additional hardware or payment terminal to access this feature.
We know you must have several questions like what technology Apple will use for this, what type of cards will be supported, and more. So, without wasting any more time, let us start with a detailed overview of the news.
Apple iPhone Now Allow Merchants To Accept The Crypto Payments
On 9 February 2022, Apple announced that it would introduce a Tap To Pay feature on the iPhone. This feature will allow the merchants to make contactless payments right from the iPhone, just with the help of a tap.
According to the official announcement by the company, it said, “Apple Pay, contactless credit and debit cards and other digital wallets.” This directly means that the customers using any wallet will be able to access this feature. This includes the Coinbase Card, Crypto.com Visa Card, and similar payment cards. Unless and until the company decides to put a direct barrier in the payment.
We know you must be thinking how we are so sure that Apple will allow Crypto Payments. Let us remind you of the Deal between Coinbase and Apple Pay held in August 2021.
The deal allowed the users to purchase the crypto from the Apple Pay platform. One thing was clear that Apple saw growth in Cryptos, and this move will make Apple the favorite in the game.
How Will The Apple New Feature To Accept Crypto Payments Work?
“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.”
Taking up the example of Coinbase in June 2021. The company launched Coinbase cards and started converting the cryptos into US dollars. The users can then use this card on Apple pay for the payments.
Similarly, Crypto.com also launched the Cruypto.com Visa Card, which was added to Apple pay and other payment wallets.
Coming to the Tap To Pay, everything is expected to remain the same, with the only change that the users will now be able to make the payment just by tapping.
Technology Used In Tap To Pay Crypto Payment Feature
The Tap To Pay Crypto payment feature on Apple iPhone will be using NFC technology. NFC stands for Near-Field Communication. The technology enables the two electronic devices that are placed within a distance of 4 cm i.e 1.5 inches to communicate.
The devices supporting the NFC behave as the keycard and electronic identity document. So, they are generally used in electronic payments. Apple will be using the same technology to introduce the tap To Pay Crypto Payment method on its platform.
Which Application Will Allow The Tap To Pay Crypto Payment Feature On iPhone
As of now Apple has announced that Stripe, an Irish-American Fintech company will be the first platform that will offer the Tap To Pay feature on iPhone. Well, more companies will be joining the revolution on the Apple platform later this year.
This was all in the news about the introduction of the Tap To Pay crypto payment on the Apple iPhone. We hope that all your doubts and queries have been cleared. If you still have some left in your head then feel free to ask us in the comments section below. We will reply back to you as soon as possible.
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