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Tap-to-Pay: New iPhone Feature to Help With Crypto Payments

Apple has announced the rolling out of a new feature on Apple Pay called Tap to Pay. This offering could allow iPhone users to receive and make payments off several crypto platforms and exchanges with a simple tap on their device. Apple insists it would need no additional hardware other than an iPhone to make these transactions.

On Tuesday, February 8, 2022, Apple publicly declared its intentions of integrating a feature that will enable merchants to accept contactless payments directly to their iPhones. The press release will incorporate the soon-introduced functionality with standard payment methods like contactless credit or debit cards, Apple Pay, and “digital” wallets.

Typically, this empowers active users on payment platforms like Nexo, Wirex Visa Card, Coinbase Visa Card, amongst others, to use their iPhones as one-stop devices for processing crypto transactions. 

Stripe’s fintech company is set to be the first payment service to offer the Tap to Pay feature on-launch. However, other payment platforms are bound to accompany it in due time.  Several credit and debit cards from popular payment services are expected to be compatible with Apple, like AMEX, Capital One, Maestro, and Paypal. 

Adopting the Tap-to-pay functionality in digital wallets and crypto debit cards like Coinbase Visa card remains a welcome development. Under Coinbase’s real-time off-ramp technology, Customers on Apple Pay can easily make payments on marketplaces supporting cryptocurrencies like Tesla. Since it cannot readily exchange crypto for goods or services, Coinbase’s superior off-ramp technology allows crypto owners to quickly convert their digital assets to the equivalent USD amount for completing a purchase. 

On a side note, the chief-executing officer of Apple, Tim Cook, had earlier expressed that the company was not precisely intent on integrating crypto payments with Apple devices despite owning some crypto assets in his diversified portfolio. Nevertheless, the new feature is expected to work with digital wallets and crypto cards, except the tech giant explicitly bans crypto services in the future. 

Apple promises to have the upcoming Tap to Play feature available on App stores and iPhone XS or later models.

Earlier Crypto Payment Integrations with Apple

On the 5th of August, 2021, major exchange Coinbase collaborated with Apple to purchase digital assets on Coinbase via Apple Pay. Shortly after, support for Google Play followed. The move allowed US-based traders to directly convert money on their debit/credit cards to cryptocurrency on several popular crypto payment platforms through the Apple payment service. 

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Soon after, other crypto exchanges jumped on the new technology and created similar cards native to their platform. For example, Crypto.com made the first follow-up to Coinbase card with the Crypto.com Visa Card and added support on Apple Pay and other mainstream digital wallets.

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