Tech giant Apple has announced an upcoming “Bitcoin Tap” feature that will enable users to make crypto payments with their iPhones.
Tap to Pay Feature Will Be Available on the Newer iPhone Models
The crypto payment feature will be available to the firm’s newer models of the iPhones via Apple Pay. The launch will allow iPhones to act as Point-of-Sale (POS) devices for individuals, businesses, and merchants.
Apple’s upcoming Tap to Pay feature will be a great convenience for the millions of Apple Pay merchants. Transactions will seamlessly run through it regardless of the payment method.
The payment methods the feature will support include Apple Pay, contactless credit and debit cards, and other digital wallets. Users will pay via these channels through their iPhones without third-party hardware or payment gateway.
The “Bitcoin Tap” feature accommodates cryptocurrency holders via Coinbase Card, Crypto.com Visa card, and many more. Users will be able to spend their cryptocurrency holdings on these cards.
Apple Pay will not allow direct payments of goods and services via cryptocurrency. Considering the volatility of the digital coins, Apple Pay will be immediately converting the crypto payments to fiat as per the dollar value requested by the merchant’s point-of-sale machine.
In the announcement, the vice president of Apple Pay and Apple Wallet, Jennifer Bailey, said that the tech company plans to take the crypto payment feature to businesses. Bailey said that Tap to Pay feature on iPhone would provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences.
Privately-held financial services company Stripe is the first payments platform that will offer a crypto payment feature on iPhone to its business users.
Apple Joins Cash App, Visa, and More on Crypto Integration
Apple is the latest among many other payments platforms that have integrated crypto payments. Jack Dorsey’s Cash App recently integrated Bitcoin payments through the Lightning Network. Visa, MasterCard, and PayPal have also launched crypto payments integration in their networks.
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