Apple Tap to Pay turns iPhone into a contactless payment terminal
Apple has unveiled a new service that will turn the iPhone “into a payment terminal capable of accepting contactless payments. Many companies will not have to purchase separate terminals.”
The new Tap to Pay service means businesses will be able to accept contactless payments (including Apple Pay) using an iPhone and partner-operated iOS app.
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Initially, the service was only available in the US, but now, the company says, “Millions of retailers will be able to enjoy seamless payments, with no additional hardware other than an iPhone.”
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“More and more consumers are using this payment method for purchases through 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 options using the performance, security, and convenience of iPhone,” said Jennifer Bailey, Vice President. Head of Apple Pay and Apple Wallet.
“By working with payment platforms, app developers and payment networks, we’re making it easier for businesses of all sizes – from individual entrepreneurs to large retailers – to accept contactless payments without problems and grow their businesses further,” she added.
Sellers will need to use a supported iOS app on an iPhone XS or later device, and customers will be able to pay with an iPhone or Apple Watch that supports Apple Pay.
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Apple notes that Tap to Pay uses the same technology that keeps Apple Pay secure and private to help protect customer payment information. All Tap to Pay transactions on iPhone are encrypted and processed using the Secure Element. As with Apple Pay, Apple says it doesn’t know what is being bought or who is buying it.
Reports of the contactless payment system for iPhone first surfaced a few weeks ago, and the lucrative payment market seems irresistible to Apple.
The company paid about $100 million to Canadian company Mobeewave for smartphone payments in 2020. It used its expertise in proprietary equipment, particularly iPhone and NFC technology.
Apple also confirmed that Stripe will be the first payment platform to offer Tap to Pay on iPhone for business customers. Additional payment platforms and apps will appear later this year.
