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Planned feature for Apple iPhone: Merchants can accept payments with mobile devices

 


Apple Pay users will soon be able to use the "Tap to Pay" feature on iPhone to make crypto payments at major retailers and businesses.

Apple has announced the "Tap to Pay" feature for its iPhone. This should transform the smartphone into a cash register device for companies and retailers. So what can you do with cryptocurrencies?


The announcement states that iPhone owners can use Tap to Pay to receive contactless payments using their mobile device as a checkout device thanks to NFC.


According to Apple, the planned "Tap to Pay" function will also support "Apple Pay, contactless credit and debit cards and other digital wallets". Essentially, this means customers using the Coinbase Card, Crypto.com Visa Card, or similar payment card can use their cryptocurrency holdings to make payments through Tap to Pay, unless Apple prevents them from doing so.



Apple has also announced that Irish-American fintech company Stripe will be the first platform to offer "Tap to Pay" functionality on iPhone. The company stated that "other payment platforms and apps will follow later this year".


In August 2021, major crypto exchange Coinbase integrated Apple Pay and Google Pay . This allowed users to buy cryptocurrencies on the platform via these payment services. As Cointelegraph reported, customers in the United States can now buy cryptocurrencies with debit and credit cards via the payment platform Apple Pay.


In June 2021 , Coinbase released the Coinbase Card. This allows users to spend cryptocurrencies like normal money:


"Coinbase automatically converts all cryptocurrencies to US dollars and transfers the money to your Coinbase Card (minus conversion fees), allowing you to use it for purchases and ATM withdrawals."

Crypto exchange Crypto.com has launched a similar offering called the Crypto.com Visa Card . This card can also be added to Apple Pay and other major digital wallets. Apple also said in the announcement:


"Tap to Pay on iPhone works with contactless credit and debit cards from leading payment networks, including American Express, Discover, Mastercard and Visa."

Because Coinbase can convert a user's crypto holdings into fiat for real-time payments, Apple Pay users will be able to use the "Tap to Pay" feature on iPhone to make crypto payments at established merchants and businesses.


While Apple Pay most likely won't allow direct purchases of goods and services using Bitcoin ( BTC ), the payment processor will convert the user's crypto holdings to match the dollar amount to be paid.


Also, let's not forget that in November 2021, Apple CEO Tim Cook revealed that he himself has been buying cryptocurrencies to diversify his portfolio. At the same time, he emphasized that there are no immediate plans to accept crypto as payment for Apple products.


Apple wants to introduce the "Tap to Pay" function in Apple Stores, on the iPhone XS and later devices.



Cash App is a mobile payment service developed by Twitter co-founder Jack Dorsey's company Block. The app announced that it has now integrated the Bitcoin Lightning Network for BTC transfers.



With this new feature, Cash App users can make faster BTC transactions at major companies. As Cointelegraph reports, the company offers the feature anywhere in the United States except New York.

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