Apple Unveils Tap to Pay on iPhone Contactless Payment System
Apple, the leader in the smartphone industry always surprises its customers around the world with its innovative technology. As we have seen tremendous growth in contactless payment systems through Apple Pay in recent years that made life easy for many people while making financial transactions. Now Apple comes with another innovative technology that will empower businesses and individuals to accept contactless payment simply by tapping their iPhones. The Tap to Pay on iPhone contactless payment system will definitely help businesses to accept payments instantly. This will save their time and effort.
Apple will launch this system later this year in the U.S. The merchants will be able to make payments simply by using their iPhone and partner-enabled iOS app. Apple will initially launch this program in the U.S. The merchants across the U.S. will be able to accept secure payments through Apple Pay, Contactless credit and debit cards, and all other digital wallets through a simple tap. The users will not need any additional software or hardware requirements.
All payment platforms and app developers will be able to integrate Tap to Pay on iPhone in their iOS apps. This will help their users to make and accept payments through this solution as well. However, the leading payment platform, Stripe will take the lead by offering its customers this solution. Other payment platforms will follow later this year.
Once Apple enables this payment system solution, the users can start making transactions through a supporting app on iPhone XS or advanced models. This will help customers make simple and secure payments. At the checkout at any store, the customers will simply hold their iPhone or Apple Watch near the merchant iPhone to make payment through Apple Pay, their contactless credit or debit card, or other digital wallets. The payment will be secure and safe using NFC technology.
The Tap to Pay on iPhone will become available to all businesses whether big or small. Currently, in the U.S. almost 90% of businesses are using Apple Pay. Therefore, for businesses, it will not be a big deal to integrate this payment option at checkout.
Jennifer Bailey, Apples’s vice president of Apple Pay and Apple Wallet said, “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.”. He further added, ” 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.”
Privacy has always been the top priority for Apple. The same is the case with Tap to with iPhone. Apple will use the same technology that it uses with Apple Pay to make transactions safe and secure. The process is the same. The process will make all payments encrypted using a secure element. Like Apple Pay, Apple will have no information regarding the purchase and buyer. All leading contactless debit and credit card companies will integrate with Tap to Pay on iPhone such as American Express, Discover, Master Card, and Visa.
Stripe’s Chief Business Officer also shared his views regarding Tap to Pay on iPhone, “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.”
The Tap to Pay on iPhone is definitely a great step from Apple to help businesses and customers across the U.S. to make and accept payment easily and securely.
