Taking its financial services innovation further Apple’s Tap to Pay on iPhone will allow users to make contactless payments across either using Apple Pay on iPhone or other contactless cards.
Tech giant Apple Inc continues with its way forward in financial innovation. On Tuesday, February 8, Apple introduced a Tap and Pay feature on its iPhone smartphone.
This will allow US users to buy goods from merchants just by tapping their phones together. The great thing is that the feature also works with Apple Pay, contactless credit/debit cards as well as other digital wallets. This means that the iPhone device will itself work as a point-of-sale terminal without needing any additional hardware.
Apple said that the Tap to Pay will be available to app developers and payment platforms to integrate within their iOs apps and offer it as a payment option to their business customers. Apple also said that Stripe will be the first payment platform to offer this feature. The Shopify Point of Sale app will be the second to accept it by this spring. Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet also said:
“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.”
Apple’s Financial Services Innovation
As said, tech giant Apple remains keenly interested in improving the financial services market. It currently operates contactless payment services or P2P payment services like Apple Pay and Apple Pay Cash. Furthermore, it has also partnered with Goldman Sachs in providing Apple Card, an iPhone app-oriented credit card.
The tech giant noted that more than 90 percent of US retailers are already using Apple Pay. The company also said that its Tap to Pay feature will be available to businesses of all sizes. Apple says that it has initiated all measures to secure user privacy. Thus, all transactions on the Tap to Pay on iPhone will be encrypted and processed using Secure Element. Speaking of this development, Billy Alvarado, Stripe’s chief business officer said:
“Whether you’re a salesperson at an internet-first retailer or an individual entrepreneur, you can soon accept contactless payments on a device that’s already in your pocket: your iPhone. With Tap to Pay on iPhone, millions of businesses using Stripe can enhance their in-person commerce experience by offering their customers a fast and secure checkout.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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