Fintech Insights - Apple Announces Tap to Pay for Merchants
In early February, Apple announced that it was introducing Tap to Pay on iPhone. This will enable millions of US-based merchants to use their iPhones to accept Apple Pay, contactless credit and debit cards, and other digital wallets. This is achieved through a simple tap to their iPhone, with no additional hardware or payment terminal needed. Apple confirmed that Tap to Pay on iPhone will be available for payment platforms and app developers to integrate into their iOS apps and offer as an acceptance option to their business customers. Apple also confirmed Stripe as the first platform to offer Tap to Pay on iPhone to their business customers, including the Shopify Point of Sale app in spring. Additional payment platforms and apps will follow later this year.
Timescales: 2022.
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