Apple announced that it plans to introduce a contactless payment option later this year, which will allow businesses to use iPhones to process transactions in stores without using any additional hardware.
The new feature, to be called ‘Tap to Pay’, will allow US merchants to accept payments by simply touching the merchant’s iPhone to the customer’s iPhone or Apple Watch. It also works with credit and debit cards that have the ‘contactless’ option.
At checkout, the merchant will simply ask the customer to hold their iPhone or Apple Watch near the merchant’s iPhone to pay with Apple Pay, with your contactless credit or debit card with another digital wallet. Payment will be completed securely through cell phones.
The feature will be included in an upcoming iOS update and will only be available on iPhone XS and later models. According to Apple, 90% of US merchants already accept Apple Pay.
Stripe will be the first payment platform to offer the feature in iPhone, and other platforms will join later this year. Payment data will be protected by the same technology used in Apple Pay. In other words, all transactions will be encrypted.
“In collaboration with payment platforms, application developers and payment networks, we are making it easier than ever for companies of all sizes, from independent entrepreneurs to large retailers, seamlessly accept contactless payments and continue to grow your business,” Jennifer Bailey, vice president of Apple Pay and Apple Wallet, said in a company statement.
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