Apple will roll out a new feature called “Tap to Pay on iPhone” that enables businesses to accept contactless payments.
Apple empowers businesses to accept contactless payments through Tap to Pay on iPhone
With this new feature, they can accept Apple Pay, contactless credit and debit cards, and
other digital wallets with a single tap to their iPhone. This feature will benefit millions of merchants across the United States, and possibly in other countries also. It is very convenient since it does not require additional hardware or a payment terminal.
Moreover, this feature will be available for payment platforms and app developers. This will enable them to integrate into their iOS apps and offer this payment option to their business customers. Stripe will be the first payment platform to provide Tap to Pay on iPhone to its business clients this spring. While other payment platforms and applications will follow later this year.
Once becomes available, merchants will be able to use it through a supporting iOS app on an iPhone XS or later. The process is just simple, the merchants will just ask their customers to hold their device near the merchant’s iPhone. Besides, this payment process uses NFC technology, so it is completely secured.
“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, Apple’s vice president of Apple Pay and Apple Wallet.
Customers’ payment data is secured by the same technology that makes Apple Pay private and secure with Tap to Pay on iPhone. In fact, all transactions made with this feature are encrypted and processed through the Secure Element. Just like with Apple Pay, Apple does not know about what is being purchased or who is buying it. In short, users have privacy.
Source: Apple
