Apple Pay users will soon be able to use the iPhone’s Tap to Pay feature to make purchases of Bitcoin and other cryptocurrencies at a range of popular stores and services shortly.
“Tap to Pay” to allow merchants to accept crypto payments
Apple has announcement that its soon-to-be-launched Tap to Pay feature will support “Apple Pay, contactless credit and debit cards, and other digital wallets.” This means customers using the Coinbase Card, Crypto.com Visa Card, or similar payment card will be able to use their cryptocurrency holdings to make payments through Tap to Pay, unless Apple creates a natural barrier to do it.
It’s worth noting that Apple’s first partner for the iPhone’s Tap to Pay functionality is payments platform Stripe, which received an investment of over $350 million from Canadian e-commerce giant Shopify l ‘last year. However, Apple also mentioned that Stripe would not be the only platform to enable payments, stating “it will be the first payment platform to offer Tap to Pay on iPhone to their business customers, including the app Shopify Point of Sale this spring. Other payment platforms and apps will follow later this year.
Apple’s CEO Revealed His Personal Crypto Purchase in November
In November 2021, Apple CEO Tim Cook revealed that he personally holds cryptocurrencies as part of a “diversified portfolio” while stating that the company has no immediate plans to use the cryptocurrencies as a means of payment for its products. At the time, Michael Saylor, CEO of Microstrategy, responded to Cook’s statements that it could be worth at least a trillion dollars to shareholders if Apple were to drop support for Bitcoin.
Although Bitcoin will most likely not be accepted for direct purchases of goods and services, Apple Pay will convert the user’s cryptocurrency holdings into a dollar amount needed by the merchant’s point-of-sale device to perform the transaction. Apple intends to make the Tap to Pay feature available in Apple Stores, iPhone XS and later models.