Apple on Tuesday announced that they are expanding the iPhone’s capabilities to accept contactless payments, thus making it quicker and easier for merchants to conduct tap-to-pay transactions across the US. This new feature does not require any additional hardware or payment terminal.
Tap to Pay on iPhone shall be made available for payment platforms and app developers to incorporate into their iOs apps, enabling them to offer it as a payment option for their customers.
Stripe would be the first payment platform to offer Tap to Pay on iPhone to their customers, including the Shopify Point of Sale app this coming spring. More payment platforms and apps shall follow later on this year.
Apple’s vice president of Apple Pay and Apple Wallet Jennifer Bailey 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.”
Privacy is one of the main focus in the development and design across all of Apple’s payment features. Thanks to Tap to Pay on iPhone, the payment data of customers is protected by the same tech that makes Apple Pay secure and private. All transactions done using Tap to Pay on iPhone are encrypted and processed with the use of the Secure Element, and similar to Apple Pay, Apple doesn’t have a clue who is buying it or what is being purchased.
Apple will be working closely with major payment platforms and app developers across the payments and commerce industry, to offer the Tap to Pay on iPhone option to millions of US merchants. Tap to Pay on iPhone will work with contactless debit and credit cards from leading payment networks including Visa, Mastercard, Discover and American Express.