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Apple’s New Feature to Let Merchants Accept Payments in Crypto

The upcoming ‘Tap to Pay’ feature on Apple’s iPhone will provide millions of US merchants, both large and small, with contactless payment features to accept all types of payments. These include Apple Pay, contactless debit and credit cards, and digital wallets. Apple’s Tap to Pay According to the official press release, the feature does not require any additional hardware or payment terminal. The announcement revealed that Tap to Pay on iPhone will work with contactless credit and debit cards from prominent payment networks, such as American Express, Discover, Mastercard and Visa. Essentially, this means that customers can use their cryptocurrency holdings to make payments through Tap to Pay. While customers cannot complete a direct transaction for Bitcoin and other digital assets, they can spend their holdings via Coinbase Card, Visa Card, etc. Jennifer Bailey, vice president of Apple Pay and Apple of the company Wallet, underlined growing phenomenon of consumers tapping to pay with digital wallets and credit cards. Bailey claimed the iPhone’s soon-to-be-launched feature will provide businesses with a “secure, personal and convenient way” to accept contactless payments and discover new payment experiences. She added: “Working with payment platforms, app developers and payment networks, we are 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 revenue. Apple further announced that private financial services company Stripe will be the first payment platform to offer Tap to Pay on iPhone to its business users, adding additional payment platforms and apps later this year. A threat to Jack Dorsey’s block? Merchants accepting card-based payments have become increasingly popular thanks to platforms such as fintech giant Block (formerly Square), and since the first Bloomberg report on the product, many experts have considered its implications for Block.Barclays analyst Ramsey El-Assal For example, don’t expect Apple’s inclusion of Tap to Pay to have a “material impact on current competitive dynamics.” In fact, the analyst previously noted that the feature will be “more additive than competitive.” SPECIAL OFFER (Sponsored) Binance Free $100 (exclusive): use this link to register and get $100 free and 10% off fees on Binance First month futures (conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to receive up to $7,000 on your deposits.
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