Tap to Pay: Apple introduces new payment method

With Apple Pay you can pay in-store with your iPhone. Soon it might also work at the weekly market. Apple has now laid the foundation for this.

Apple’s Apple Pay payment service usually works wherever you can pay with a credit card – especially in larger shops. With Tap to Pay on iPhone, the company will soon be turning many iPhones into payment terminals. According to the press release, all you need is an iPhone XR (or a more recent model) and the right partner app, and any iPhone can accept payments via NFC. The central component of the tap-to-pay-on-iPhone function is of course Apple Pay, but contactless payment should also work with other services, wallets, credit and debit cards in the future.

iPhone replaces Terminal

Convenient for customers: you don’t have to change at all. Instead of an NFC terminal, you are simply given an iPhone to hold your cell phone or Apple Watch or (NFC-enabled) credit card to complete the traction. As with Apple Pay, all transactions made with Tap to Pay on iPhone are encrypted. According to Apple, it does not know what you bought where and when.

When will Tap to Pay on iPhone be available?

First, Apple wants to work with leading payment platforms and app developers from the payment service provider and eCommerce industry to enable Tap to Pay on iPhone merchants in the US. The Stripe platform is the starting point. More services are to follow later in 2022. In order for companies to be able to adapt their apps accordingly, Apple wants to integrate Tap to Pay on iPhone in an upcoming beta version of iOS.

Leave a Reply