Apple is preparing to create a new feature that allows integrating cryptocurrency payments
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Answer Apple is preparing to create a new feature that allows integrating cryptocurrency payments
Apple, the US-based multinational technology company, is moving towards allowing users of its “Apple Pay” platform to transact with cryptocurrencies.
This feature will be made possible by Tap-to-pay, a new service that will allow iPhone users to make contactless payments with merchants who accept Apple Pay as a payment method.
Tap-to-pay will essentially integrate third-party digital wallets, and allow payments with cryptocurrencies.
The upcoming “Tap to Pay” from Apple will integrate digital wallets into its services:
I told Apple in press release The “Tap to Feature” feature that will be rolling out in the US will allow all kinds of merchants to seamlessly and securely use their iPhone as a Point of Sale (POS) device.
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In addition to integrating digital wallets, Tap to Pay will also allow merchants to accept contactless debit and credit card payments without the need for any additional hardware or payment terminal.
The feature will be at the Near Field Communication (NFC) level to make contactless payments possible.
Speaking about the feature, Jennifer Bailey, vice president of Apple Pay and Apple Wallet, noted that it will essentially create a new experience for businesses.
Bailey added:
As more consumers push to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure and easy way to accept contactless payments and unlock new experiences with power, security, and convenience.
Apple is working with leading payment platforms and app developers to launch this feature.
The statement also states that contactless cards from “American Express”, “Discover”, “MasterCard” and “Visa” will be available at launch.
The feature is open to other app developers as well.
Many digital wallets such as Coinbase and Crypto.com already offer contactless payment cards.
Cryptocurrency exchanges can integrate Apple’s “Tap to Pay” service to allow users to easily convert crypto to dollars in real-time for payments.
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Crypto adoption is growing among payment service providers:
Apple Pay is just the latest payments platform to show how much interest in cryptocurrency integration is.
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Earlier, Visa, PayPal and MasterCard rolled out cryptocurrency integrations.
The Cash App, a payment system owned by Jack Dorsey, founder of Twitter, has integrated Bitcoin payments through the Lightning Networks.
Similarly, traditional financial institutions are also taking steps to accept crypto payments.
Earlier, payment solutions provider NYDIG announced several key partnerships that will allow traditional banks to provide bitcoin trading and custody services to their clients.
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