In a Press release announced on February 8th, Apple intended to introduce ‘Tap to Pay’ for iPhone users. It said, “The new capability will empower millions of merchants across the US, from small businesses to large retailers, to use their iPhone to seamlessly and securely accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone — no additional hardware or payment terminal needed.”
With the feature decided to launch on iPhone XS and further devices, the contactless Tap to Pay on iPhone will work with contactless credit and debit cards from leading payment networks, including American Express, Discover, Mastercard, and Visa, and is supposed to be based on Near Field Communication or NFC technology without needing any additional hardware.
How does this development translate into Crypto?
- With Crypto.comand Coinbase Cards being compatible with Apple Pay, the debit card for the latter works by converting users’ cryptocurrency balances, such as bitcoin, to fiat at the point of sale, allowing them to pay with crypto at any card-accepting merchant essentially.
- A debit card paired with a rewards program is intrinsically meant for pushing users to use the crypto-based payment to gain more market share in the payments industry through the wild wild west world of cryptocurrency payments.
- Statistically speaking, Apple pay is used by 90% of all US retailers, and with this ‘tap to play’ feature, crypto can be used as a transaction method virtually anywhere and anytime in the country.
- With rewards mechanism on crypto debit card use in action, blended with the ease of Apple Pay, the future of the transactions with crypto is seeing a good market penetration.
