Tap to pay will allow contactless payment without additional hardware, to be launched later this year

 

As anticipated by many people, Apple has finally announced the release of the Tap to Pay feature via a Press release. This will allow compatible apps to accept Apple Pay and contactless card payments using the iPhone’s built-in NFC chip.

This new feature will work only on iPhone XS and later iPhone models. Hence, there will be no need for additional hardware systems like Block’s Square terminals.

The launch of the Tap to Pay feature will start in the US later this year. It will potentially expand to other countries, which is yet unannounced.

The first company to partner with Apple in this new project is Stripe, the San Francisco-based fintech service provider, which will offer the Tap to Pay feature to its business customers in the spring of 2022, the company stated.

“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,” said Billy Alvarado, Stripe’s chief business officer.

This is a great move aimed at small businesses. Tim Cook, Apple’s Chief Executive said in a tweet on Wednesday that the feature is “a great way for millions of small businesses to accept contactless payments right from their iPhone”.

Contactless and cashless payments are very much the future and the tap to pay feature by Apple will leverage payments for iPhone users.

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