Apple Tap to Pay turns your iPhone into a contactless payments terminal

Date:
Tue, 08 Feb 2022 16:12:39 +0000

Description:
Tap to Pay lets businesses use Phones to seamlessly and securely accept Apple Pay payments.

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Apple has revealed a new service that will transform your iPhone into a payment terminal able to accept contactless payments.

The new Tap to Pay service means that businesses will be able to accept Apple Pay and other contactless payments simply by using iPhone and a partner-enabled iOS app, the company says.

Initially available in the US, Apple says that "millions" of merchants will
be able to benefit from seamless payments, with no extra hardware needs apart from an iPhone. Apple Tap to Pay

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, Apples vice president of Apple Pay and Apple Wallet.

In collaboration with payment platforms, app developers, and payment
networks, were 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.

Merchants will need to use a supporting iOS app on an iPhone XS or later device, with customers able to pay with an iPhone or Apple Watch that
supports Apple Pay.

The company noted that Tap to Pay uses the same technology that makes Apple Pay private and secure to make sure customer payment data is protected, with all Tap to Pay on iPhone transactions encrypted and processed using the
Secure Element. As with Apple Pay, Apple says it doesnt know what is being purchased or who is buying it.

Reports of a contactless payment system for iPhones first emerged a few weeks ago , with the lucrative payments market apparently proving irrestible to Apple.

The company paid around $100 million for Canadian smartphone payment firm Mobeewave back in 2020, with the latter's know-how in pre-existing iPhone hardware, including NFC, which is already used for Apple Pay, likely to have contributed to the launch of Tap to Pay. READ MORE

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The launch puts Apple firmly in contest with the likes of Block, previously known as Square , which has been offering a similar system for many years, albeit with a dedicated card reader . But these systems rely on external hardware rather than a ubiquitous device like the iPhone, which could help Apple leapfrog rivals in the space.

Apple confirmed thatStripe will be the first payment platform to offer Tap to Pay on iPhone to its business customers, including the Shopify Point of Sale app this spring.

It added that additional payment platforms and apps will follow later this year. These are the best ecommerce platforms to help start an online store



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Link to news story: https://www.techradar.com/news/apple-tap-to-pay-turns-your-iphone-into-a-conta ctless-payments-terminal/


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