Apple’s Soon-to-Be-Released Tap-to-Pay Feature Could Be a Game-Changer for Crypto Exchanges
Apple is not in a rush to enable Bitcoin payments using Apple Pay. However, it is progressing in the correct way.
Apple Inc. announced today the addition of a Tap-to-Pay functionality to the Apple Pay app. Stripe will be the first firm to provide Tap-to-Pay to its customers. The merchant must own at the very least an iPhone XS. The merchant’s phone must be compatible with an iOS app. The consumer may then raise his phone up to the merchant’s phone and make a safe payment via Near-Field Communication (NFC). Stripe discontinued bitcoin payment support in 2018. However, in late November 2021, the CEO said that the firm is open to accepting cryptocurrency payments.
Credit and debit cards will soon be supported through tap-to-pay. This implies that users utilising the Coinbase Card, the Crypto.com Visa Card, or a comparable product may conceivably make payments unless Apple imposes explicit limits.
Apple CEO Tim Cook made no remark about the possibility of BTC payments using Apple Pay. Numerous Twitter users were curious. For instance, @Genesis Block inquired, “Will this work for BTC transactions?”
Apple has been eyeing the cryptocurrency industry for some time but has remained somewhat discreet in typical Apple form. Apple’s late May 2021 job listing for a business development manager specialising in alternative payments was one of the first hints of interest in this field. The job description said that applicants must have at least five years of experience working with or in the field of bitcoin payments and digital wallets.
Coinbase previously included Apple Pay
Coinbase began allowing Apple Pay and Google Pay for cryptocurrency transactions in August 2021. Assume the consumer has a Visa or Mastercard debit or credit card in their Apple Wallet. When an iOS device that supports Apple Pay or a Safari web browser is used in this scenario, Apple Pay shows as a payment option. Additionally, Coinbase will launch the Coinbase Card in June 2021. The Coinbase Card is a debit card issued by Visa. The card may be connected to Apple Pay and Google Pay like a conventional debit card. Customers received 1% in bitcoin or 4% in Stellar Lumens during the experimental phase of the implementation. Coinbase’s real-time crypto-to-fiat conversion enables crypto payments through Tap-to-Pay at a broad variety of merchants. Additionally, Crypto.com released their own Visa Card, which can be used in conjunction with Apple Pay and other digital wallets.
Perhaps Apple might take a page from CashApp’s book, which makes real-time payments using the Bitcoin Lightning Network. However, given Apple’s proclivity for operating inside a walled garden, this is improbable.