Apple’s recent announcement enabling tap to pay merchant acceptance via the iPhone will also enable merchants to accept cryptocurrency in addition to credit and debit cards. The inclusion of crypto will work in the same manner as credit and debit cards, using the simple tap to pay action, with no additional technology needed. As Tor Constantino describes in Inc:
The new capability will enable millions of merchants across the U.S., including solopreneurs and SMBs, to use their iPhones to seamlessly and securely accept Apple Pay, contact-less credit and debit cards, and digital wallets that store crypto with a simple tap to their iOS device.
Apple has yet to announce dates for the upgrades. When released, merchants will only need to utilize a supporting app on their iPhone and utilize an iPhone XS or later device. Apple’s introduction continues the growth of contactless payment options, both with technology and availability of traditional and emerging payment options, adding to the positive outlook reported in Mercator’s 2022 Outlook: Merchant Services.
Overview by Jordan Hirschfield, Director of Research at Mercator Advisory Group