Apple is about to introduce a crypto payment feature on the iPhone

Apple has announced plans to launch Tap to Pay for iPhone, a new feature that can turn smartphones into POS devices for businesses and retailers.

The announcement explains that with the Tap-to-Pay feature, merchants who own an iPhone can make contactless payments using their mobile device as a POS device thanks to NFC technology.

Apple is about to introduce a crypto payment feature on the iPhone

According to Apple, the Tap-to-Pay feature will expand support for “Apple Pay, credit cards, contactless debit cards and other digital wallets.” This essentially means that customers using Coinbase Card, Crypto.com Visa Card or similar payment cards can use their electronic device’s cash account to make payments via Tap to Pay, unless Apple imposes a direct barrier.

While Apple announced Stripe, the first fintech platform to offer Tap to Pay on iPhone, the company has also clarified that “more payment platforms and apps will be integrated later this year”.

In August 2021, major crypto exchange Coinbase integrated with Apple Pay and Google Pay, allowing users to buy crypto assets on its platform. The move allows customers in the United States to buy cryptocurrencies with bank-issued debit and credit cards through the main payment platform, Apple Pay.

In June 2021, Coinbase debut Coinbase Card that allows users to spend cryptocurrency through mainstream avenues.

“Coinbase automatically converts all crypto to USD and transfers the funds to the user’s Coinbase card (with lower conversion fees) to use for purchases and ATM withdrawals.”

Then came the crypto exchange Crypto.com mission A similar service called Crypto.com Visa Card can be added to Apple Pay and other major digital wallets. Apple said in the announcement:

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

With Coinbase’s ability to convert user funds from crypto to fiat in real-time for payments, Apple Pay users have the ability to use the iPhone’s tap-to-pay feature to make cryptocurrency payments for mainstream merchants and businesses.

While Apple Pay hardly allows for the purchase of goods and services directly with Bitcoin (BTC), it will convert the user’s cryptocurrency into fiat to match the transaction with the merchant’s POS device.

Also, let’s not forget that in November 2021, Apple CEO Tim Cook revealed that cryptocurrencies are part of his diversified portfolio, stressing that there are no immediate plans to accept cryptocurrencies as payment for Apple products.

Apple plans to roll out Tap-to-Pay functionality in Apple Stores, iPhone XS and newer devices.

Cash App, a mobile payment service developed and owned by Jack Dorsey, co-founder of Twitter announced Compatibility with Bitcoin Lightning Network to move BTC.

With the launch of the new feature, Cash App users can make BTC transactions faster. The company has also made the feature available everywhere in the United States, with the exception of New York.

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