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Apple to launch cryptocurrency payments feature on iPhones.


Apple to launch cryptocurrency payments feature on iPhones.

Apple Pay customers will be able to use the Tap to Pay function on their iPhones to make bitcoin payments at regular shops.

Apple has revealed plans to introduce Tap to Pay for the iPhone, a new feature that basically transforms the smartphone into a point-of-sale device for companies and merchants.

According to the press release, owing to near-field communication technology, or NFC, iPhone-owning shops may accept contactless payments by using their mobile devices as a point-of-sale system.

Source: Google.com

Tap to Pay will enable “Apple Pay, contactless credit and debit cards, and other digital wallets,” according to Apple. Customers who have a Coinbase Card, Crypto.com Visa Card, or any comparable payment card will be able to use their bitcoin holdings to make payments using Tap to Pay unless Apple puts a direct obstacle in the way.

While Apple has named Stripe, an Irish-American fintech, as the first platform to support the iPhone’s Tap to Pay functionality, the company also stated that “other payment platforms and apps will follow later this year.”

See also: Five cryptocurrencies set to explode in 2022.

Coinbase, a large cryptocurrency exchange, merged with Apple Pay and Google Pay in August 2021, allowing customers to buy cryptocurrency on its platform, the move enabled users in the United States to buy cryptocurrency using bank-issued debit and credit cards through Apple Pay, a popular payment tool.

Coinbase introduced Coinbase Card in June 2021, allowing customers to spend cryptocurrency in a variety of ways, including:

“All cryptocurrency will be automatically converted to US dollars and transferred to your Coinbase Card (minus conversion costs) for use in purchases and ATM withdrawals,” says Coinbase.

Crypto exchange Crypto.com followed suit with the Crypto.com Visa Card, which can be used with Apple Pay and other popular digital wallets. In its statement, Apple stated, “

“Contactless credit and debit cards from renowned payment networks, like as American Express, Discover, Mastercard, and Visa, will be supported via Tap to Pay on iPhone.”

Apple Pay customers will be able to use the iPhone’s Tap to Pay function to make crypto payments across conventional retailers and businesses, thanks to Coinbase’s ability to convert a user’s crypto holdings to fiat in real time for payments.

While Apple Pay is unlikely to allow direct purchases of goods and services with Bitcoin (BTC), it will convert the user’s crypto holdings to the dollar amount needed by the merchant’s point-of-sale equipment in order to complete the transaction.

Not to mention that in November 2021, Apple CEO Tim Cook announced his own cryptocurrency purchases as “part of a diversified portfolio,” despite stating that there are no imminent intentions to use crypto as a form of payment for Apple products.

Source: Twitter

The Tap to Pay feature will be available at Apple Stores, as well as on iPhone XS and later models.

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