- Apple announced its plans to launch ‘Tap to Pay’ on its iPhone phones.
- This tool will allow iPhones XS and higher models the opportunity to transact wirelessly using NFC technology.
- Tap to Pay will allow users who use crypto cards to use their cryptocurrency holdings to execute payments through their iPhone.
Recently, Apple announced its plans to launch ‘Tap to Pay’ on its iPhone phones. With this feature, phones can become point of sale for merchants and although it seems that the firm does not yet plan to integrate cryptocurrencies into its ecosystem of products, it seems to be finally leaning into the crypto market.
And it is that, according to the statement, Tap to Pay will allow iPhones XS and above the opportunity to transact wirelessly using NFC technology.
“As more and more consumers pay with digital wallets and credit cards, Tap to Pay on iPhone will give businesses a safe, private, and easy way to accept contactless payments and unlock new payment experiences using the power, security, and iPhone comfort”, explained Jennifer Bailey, Vice President of Apple Pay, according to Yahoo Finance.
In theory, for now, Tap to Pay will allow users using Coinbase Card, Crypto.com Visa Card or any such card to use their cryptocurrency holdings to execute payments through their iPhone.
Payments with crypto funds, not cryptocurrencies
However, it is important to understand that cryptocurrencies do not enter into the equation. Already on several occasions the exchanges that issue crypto cards that when users make transactions with their card, the crypto exchange automatically converts the necessary cryptocurrencies into US dollarstherefore, the operation uses the US dollar instead of cryptocurrencies themselves.
In this sense, Tim Cook, CEO of Apple, did not make any announcement regarding whether Bitcoin payments will be possible with Apple Pay, but, even so, the crypto community did not miss the opportunity to ask about it.
So is this good news?
Yes and no. In the event that users who have a crypto card issued by an exchange or similar, will be able to use Tap to Pay, it is great news because they will be able to use their holdings in cryptocurrencies to make day-to-day payments through their iPhone.
Especially when you consider that, according to Yahoo Finance, over 90% of US retailers accept Apple Pay.
However, from the point of view of the crypto ecosystem, the news should not have an impact. Apple would not really be including cryptocurrencies as a payment method; this would still be the US dollar.
Thus, the last announcement of Apple continues to be conservative regarding cryptocurrencies, however, this does not mean that the company has no interest in the crypto ecosystem.
A job offer for a Business Development Manager specializing in Alternative Payments was posted in May 2021 and although the job title did not appear to be crypto-specific, it required five or more years of experience in cryptocurrency payments and digital wallets. .
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