Apple, probably the biggest name in big tech, has just announced its plans to introduce Tap to Pay on the iPhone, a new feature that transforms the smartphone into a point-of-sale device for companies and merchants. No additional hardware or payment terminal will be needed for this new feature.
The announcement said that the feature will extend its support for Apple Pay, contactless Credit and Debit cards, and “other digital wallets.”
The “Other Digital Wallets” part is what’s most exciting for crypto enthusiasts. Apple has not yet put any barriers on crypto wallets, hence customers who have a Coinbase Card, Crypto.com Visa Card, or a similar payment card should be able to use their crypto holdings to make payments using Tap to Pay.
Which platforms can run Apple’s Tap to Pay?
Strife, an Irish-American Fintech company, was the first platform to offer the Tap to Pay feature. However, Apple has clarified that it will include additional platforms and apps later this year.
Coinbase, a major crypto exchange, merged with Apple Pay and Google Pay in August 2021, allowing customers to buy crypto assets on its platform. The exchange released the Coinbase Card in June 2021, allowing users to spend cryptocurrency in mainstream locations. Apple Pay customers will be able to use the iPhone’s Tap to Pay function to make crypto payments across mainstream retailers and businesses, thanks to Coinbase’s ability to convert a user’s crypto holdings to fiat in real-time for payments.
Crypto.com, meanwhile, has released the Crypto.com Visa Card, which can be used with Apple Pay and other major digital wallets.
Additionally, in a recent Discord comment, Safemoon has unveiled its plans of releasing a payments card, while partnering with Mastercard.
While it is yet unsure if Apple Pay will allow direct purchases of goods and services using crypto, it can, however, convert the user’s crypto holdings to the dollar amount needed by the merchant’s point-of-sale equipment to complete the transaction.
A point to mention is that, in November of 2021, CEO Tim Cook had revealed his cryptocurrency holdings, citing a “diversified portfolio”. However, he denied Apple’s involvement with plans regarding the acceptance of crypto as a mode of payment.