Apple's latest iOS update opens new horizons for cryptocurrency payments by enabling tap-to-pay transactions on iPhones.
With global expansion plans and industry leaders like Circle's CEO championing the change, this development could significantly impact the future of digital currencies.
Apple Opens NFC Contactless Payment Feature
With the release of the new "iOS 18.1" update, Apple has made it possible to use cryptocurrency for tap-to-pay transactions on iPhones.
According to Apple's official announcement, the iOS 18.1 update allows developers to offer NFC contactless payments within their own apps on iPhones using the Secure Element, independent of Apple Pay or Apple Wallet.
Starting with iOS 18.1, developers will be able to offer NFC contactless payments using Secure Element within their own apps on the iPhone, separate from Apple Pay and Apple Wallet.
Developers can use the new NFC API and the SE (Secure Element) API to provide NFC contactless payments for in-store payments, car keys, transportation cards, employee IDs, student IDs, home keys, hotel room keys, store membership and loyalty cards, event tickets, and future supported government Contactless in-app payments can now be provided for government-issued identification cards.
This update opens up the NFC contactless payment functionality to app developers, which has drawn attention to the possibility of providing "tap-to-pay with cryptocurrency" on iPhones.
When using an app that incorporates this feature, users can initiate payments by either directly opening the app or setting it as the "default contactless app" in iOS settings. Payments can then be made by double-clicking the side button on the iPhone.
To integrate the contactless payment feature into an app, developers must enter a commercial agreement with Apple, request NFC and SE entitlements, and pay the associated fees.
It's anticipated that more cryptocurrency-related apps will start utilizing this feature in the near future.
The relevant APIs for integrating contactless payment functionality will initially be available in Japan, Australia, Brazil, Canada, New Zealand, the UK, and the US, with plans to expand to more countries and regions in the future.
Circle CEO Comments on Tap-to-Pay with USDC
The opening of iPhone's contactless payment feature has already caught the attention of key figures in the cryptocurrency industry.
One such figure is Jeremy Allaire, CEO of Circle, the issuer of the US dollar-pegged stablecoin "USDC." On August 15, 2024, Allaire commented that "Tap to Pay with USDC on iPhone will soon be possible," urging app developers to prepare.
If existing cryptocurrency wallet apps integrate iPhone's contactless payment functionality, it is expected that users will be able to perform tap-to-pay transactions using various cryptocurrencies, including USDC.
This development is likely to lead to enhanced features in various apps moving forward.
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