Apple today announced plans to introduce ‘Tap to Pay’ on iPhone, allowing users to accept contactless payments with a simple tap of a credit or debit card to their iPhone.
Tap to Pay on iPhone will be available for payment platforms and app developers to integrate into their iOS apps and offer as a payment option to their business customers. Stripe will be the first payment platform to offer Tap to Pay on iPhone to their business customers, including the Shopify Point of Sale app this spring. Additional payment platforms and apps will follow later this year.
“As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “In collaboration with payment platforms, app developers, and payment networks, we’re making it easier than ever for businesses of all sizes — from solopreneurs to large retailers — to seamlessly accept contactless payments and continue to grow their business.”
Speed point machines could soon become a thing of the past. Apple is currently working on a new technology that will enable iPhones to accept payments directly using contactless technologies, Bloomberg reports.
This means all good news to small businesses that accept contactless payments.
According to the report, the feature will arrive in the coming months through a software update – and will require no extra hardware.
The system will likely use the iPhone’s near field communications, or NFC, chip that is currently used for Apple Pay.
The new feature has been in the works since 2020 after Apple coughed about $100 million for a Canadian startup Mobeewave which develops payments technology for smartphones.
This feature is not to be confused with the current and popular Apple Pay, a service that lets users pay for goods and services with their iPhones in retail stores using an NFC chip built into their iPhones.
Make sure to stay tuned and know when this feature officially launches.