Apple has announced plans to introduce a new Tap to Pay on iPhone feature that will allow compatible iPhones to act as payment terminals via Apple Pay.
This new capability will allow merchants to use their iPhone to securely accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone. Tap to Pay on iPhone will be available for payment platforms and app developers to integrate into their iOS apps and offer as a payment option to their business customers.
“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,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
Once Tap to Pay on iPhone becomes available, merchants will be able to unlock contactless payment acceptance through a supporting iOS app on an iPhone XS or later device. At checkout, the merchant will simply prompt the customer to hold their iPhone or Apple Watch to pay with Apple Pay, their contactless credit or debit card, or other digital wallet near the merchant’s iPhone, and the payment will be securely completed using NFC technology.
With Tap to Pay on iPhone, customers’ payment data is protected by the same technology that makes Apple Pay private and secure. All transactions made using Tap to Pay on iPhone are encrypted and processed using the Secure Element, and as with Apple Pay, Apple doesn’t know what is being purchased or who is buying it.
Tap to Pay on iPhone is currently rolling out in the US beginning with Stripe which will be the first payment platform to offer the feature with additional payment platforms and apps that will follow later this year.
Source: Apple
Source: Yugatech
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