Apple supports payment services from dealers in crypto
Apple supports payment services from dealers in crypto
- Apple has announced his intention to introduce a crypto -supporting payment function for retailers named Tap to Pay.
- The function converts the crypto stocks of the users directly into the USD item requested by a dealer.
Apple wants to penetrate into the billion-dollar trading industry with the newly announced tap to pay. The function will essentially transform mainstream dealer IPHones into point-of-sale devices and enable contactless payments in cryptocurrencies. All of this is made possible by the Near Field Communication Technology (NFC) from Apple.
Tap to Pay on the iPhone works with contactless credit and debit cards of leading payment networks, including American Express, Discover, MasterCard and Visa.
Stripe, an Irish-American fintech, will be the first to offer the TAP-to-play function on the iPhone, according to the announcement. Further platforms and other apps will be integrated in the course of the year.
Apple enables crypto payments with tap to pay
The activation of dealer payments with cryptocurrencies has recently become a trend. It started for the iPhone manufacturer in August 2021 when Coinbase integrated the mainstream payment platform Apple Pay alongside Google Pay. This made it possible to buy Coinbase customers based in the USA to buy cryptocurrencies with credit and debit cards issued by banks via Apple Pay.
Coinbase, on the other hand, launched the Coinbase Card in June 2021. She converts crypto directly into US dollars, so that users can make purchases and ATMs with their crypto stocks. The crypto tour crypto.com followed up with a similar product - the Crypto.com Visa Card. Its design makes it possible to add it to Apple Pay and other important digital wallets. Block, which is under the direction of Twitter co-founder Jack Dorsey, recently added the Lightning Network compatibility to the mobile payment service Cash app. This shortened the time for payments and transfers in Bitcoin. The function is now available in the entire USA, with the exception of New York.
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Apple has now went one step further with its plans for Tap to Pay. After the start, Tap to Pay will be available in Apple Stores, iPhone XS and later devices.
As early as November 2021, Apple CEO Tim Cook announced that he included Krypto in his portfolio, but rejected it to approve this for the huge technology company. He also noted that the company had no direct plans to accept digital currencies as a means of payment for Apple products. While Tap to Pay does not allow direct purchases via Bitcoin, it converts cryptocurrencies into the US dollar equivalent requested by a dealer, just like the Coinbase Card.
Source: Crypto-news-flash.com
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