The new capability will reportedly empower millions of merchants across the US, from small businesses to large retailers, to use their iPhone to accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone — no additional hardware or payment terminal needed. Tap-to-Pay on iPhone will be available for payment platforms and app developers to integrate into their iOS apps and offer as a payment option to their business customers. Stripe will be the first payment platform to offer Tap-to-Pay on iPhone to their business customers, including the Shopify Point of Sale app this spring (2022). Additional payment platforms and apps will follow later this year.
Once Tap-to-Pay on iPhone becomes available, merchants will be able to unlock contactless payment acceptance through a supporting iOS app on an iPhone XS or later device. At checkout, the merchant will prompt the customer to hold their iPhone or Apple Watch to pay with Apple Pay, their contactless credit or debit card, or other digital wallet near the merchant’s iPhone, and the payment will be completed using NFC technology. No additional hardware is needed to accept contactless payments through Tap-to-Pay on iPhone, so businesses can accept payments from wherever they do business. Apple Pay is reportedly already accepted at more than 90 percent of US retailers, and with this new capability, virtually every business, big or small, will be able allow their customers to Tap-to-Pay on iPhone at checkout. Tap-to-Pay on iPhone will also roll out to Apple Store locations in the US later in 2020, Apple states.
Privacy is fundamental in the design and development across all of Apple’s payment features. With Tap-to-Pay on iPhone, customers’ payment data is protected by the same technology that makes Apple Pay private and secure. All transactions made using Tap-to-Pay on iPhone are encrypted and processed using the Secure Element, and as with Apple Pay, Apple doesn’t know what is being purchased or who is buying it, according to the official press release.
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