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Apple to potentially support crypto in new iPhone feature

The latest update to be rolled out by the Apple platform will include a new ‘Tap to Pay’ feature that will allow users to complete online, contactless payments with a simple nudge of their phone to another device. This caused crypto investors to deduce that the new update will be able to support digital crypto wallets and crypto cards.

Apple announced the update in a press release published on their website last February 8, elaborating that it will accept cards and payment apps depending on the supported mediums. This brand new feature by the tech giant will be able to support millions of online merchants or business owners who accept payments via Apple Pay. 

This feature will not require additional hardware devices or applications. Users simply need to download the new update that Apple will be rolling out to the supported devices and the option will become available for use. 

This news caused crypto investors to deduce that Apple Pay will also be able to support basic crypto transfers through platforms or cards like Crypto.com or a Coinbase card. Although it cannot perform full-fledged cryptocurrency trading, Apple’s new feature can make sending cryptocurrency between customers and merchants easier.

Apple Pay and Apple Wallet Vice-President Jennifer Bailey released her statement on the project along with the press release last February 8. ‘As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private and easy way to accept contactless payments and unlock new checkout experiences using the power, security and convenience of iPhone’. 

Bailey continues on and discusses the feature’s implications for businesses and partnerships. ‘In collaboration with payment platforms, app developers and payment networks, we’re making it easier than ever for businesses of all sizes – from solopreneurs to large retailers- to seamlessly accept contactless payments and continue to grow their business’. 

As of now, there are no additional updates on the feature or when it will be released. The rollout is said to be distributed slowly over the next few months and will support the iPhone XS and any later device. Any collaboration with crypto platforms or payment apps has yet to be confirmed as well. 

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