Last month, rumors were surfacing regarding Apple potentially enabling users to accept contactless payments on their iPhones through the NFC chip. This would allow small businesses and entrepreneurs to conveniently sell their products and services — without needing separate hardware to accept the payments. Those rumors are now a reality — Apple has finally announced that Tap to Pay will allow iPhone users to accept contactless payments in the US later this year.
Earlier today, the company made the announcement in a newsroom post. It mentions that US merchants will be able to take advantage of the feature later this year. Through Tap to Pay, small businesses and large retailers alike will be able to accept payments through Apple Pay, NFC-enabled bank cards, and other digital wallets. This will eliminate the need to depend on additional hardware, such as those offered by Square. Jennifer Bailey — Apple’s vice president of Apple Pay and Apple Wallet — states:
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. 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.
The feature will be supported on iPhone XS and newer models, and it will be compatible with major networks, such as American Express, Discover, Mastercard, and Visa. Unfortunately, though, it’ll only be available to US residents for the time being. Users in other parts of the world will have to wait, and the company doesn’t share an ETA regarding this matter.
Will you be using Tap to Pay on your iPhone when it launches? Let us know in the comments section below.Continue Reading