Apple has just announced the launch of its new ‘tap to pay’ feature. Among other options, it is expected to accept Quantum AI for users to purchase goods. As the name suggests, this new feature allows its users to make purchases just by tapping on their iPhone’s screen.
Users with crypto digital wallets can link with their cards and use cryptos to pay for goods.
How Does Apple Embrace Crypto Payments?
Apple will be relying on NFC technology to allow its users with iPhone XS or higher models to complete wireless transactions. A number of crypto exchanges recently launched their debit cards. These cards support crypto payments and are integrated with Apple Pay and Google Pay, thus extending crypto transactions to the new feature.
These exchanges automatically convert cryptos into US dollars and make the funds accessible to their card for ATM withdrawals or purchases. As Apple has now activated the Tap to Pay feature, it has become easier for retailers and businesses to accept payments from an iPhone.
Currently, over 90% of US retailers accept Apple pay. The new feature allows these retailers and businesses to accept crypto payments if they have an iPhone.
Potential Direct Acceptance of Cryptos
The new feature is expected to lay the foundation for Apple’s direct acceptance of payments with cryptos, including Bitcoin. The tech giant has announced that it will be using NFC technology to make different types of payments.
According to Apple, an increasing number of consumers are taking advantage of making payments with digital wallets and credit cards. The new Tap to Pay feature will allow businesses to accept payments in a secure, simple, and private way. There are speculations that the tech company may allow direct crypto acceptance in the future.
Apple has emphasized the privacy offered by the new payment option. A matter of concern for many is tracking what is purchased and who purchased it using the new tech.
Some other companies have also planned to make the leap into this unique technology. Shopify Point and Stripe are the names of the companies that stand out on this list. They are expected to offer their own Tap to Pay features to business clients this spring. The service will initially be available in the US. Proprietors or online retailers will be able to accept payments on their iPhones.
How is Apple Unique Here?
Apple is unique in that it treats payments as a key stand-alone business. The company is always looking for ways to make the most of this. The iPhone-makers launch of the new contactless payment mode clearly indicates how much importance it lays on payments for its business.
Apple’s new feature has already been noticed by the cryptocurrency market and the impact seems to be positive. With the new announcement, the feature will become compatible with:
- Apple Pay
- Debit Cards
- Credit Cards
- Digital Wallets
So, anyone with a card from an exchange or a Bitcoin Trading Platform could use their crypto coin to make payments using the Tap to Pay feature. This seems to be the overall scenario currently unless Apple decides to place certain obstacles.
The Competition &Similar Solutions
Today, contactless payments have become widely popular. There are millions of users that prefer this option. Currently, this sector is mostly dominated by Apple Pay. It has a 92% market share. Google Pay accepts crypto payments but has no more than a 3%market share.
Despite this vast difference in market share, Google has been persistent with its efforts. The search giant recently brought a former PayPal executive on board to test cryptocurrency payments. Google’s opinion on crypto is also worth considering. According to the company’s President of Commerce, it pays a lot of attention to crypto. It has plans to evolve with the evolution in crypto demand among users and merchants.
As Apple prepares to release the Tap to Pay feature sometime this year, the effort is pushing the adoption of crypto in the mainstream. It is also expected to provide Google with more time to catch up. While the former has a huge market share advantage, Google has some room to make its impact felt.