Apple has said that it plans to add a new feature called “Tap to Pay on iPhone.” This feature will allow compatible iPhones to be used as payment terminals through Apple Pay.
Merchants will be able to use their iPhones to securely accept Apple Pay, contactless credit and debit cards, and other digital wallets with a simple tap of their phones. For example, payment platforms and app developers can add Tap to Pay to iOS apps and offer it as a payment option for business customers who use their iOS apps.
The vice president of Apple Pay and Apple Wallet, Jennifer Bailey said, “As more and more people are using digital wallets and credit cards to pay, Tap to Pay on iPhone will give businesses a safe, private way to accept contactless payments as well as unlock new checkout experiences using the power, security, and convenience of iPhone.”
Once Tap to Pay on iPhone is available, merchants will be able to open contactless payment acceptance through an iOS app that works with an iPhone XS or later. Shoppers can pay with Apple Pay, their contactless credit or debit card, or another digital wallet by putting their iPhone or Apple Watch near the merchant’s iPhone. The payment will be safe and secure thanks to NFC technology.
The same technology that makes Apple Pay safe and private protects customers’ payment data with Tap to Pay on the iPhone, so they can be sure their money is safe. When you use Tap to Pay on your iPhone, all of your transactions are encrypted and processed through the Secure Element. Apple doesn’t know what is being bought or who is buying it, just like it doesn’t know about Apple Pay.
iPhone users can now tap to pay with their phones. Stripe is going to start off as the first payment platform to offer it. Later this year, more payment platforms and apps are going to be added.
Source: Apple