Apple Announces IPhone-Based Tap Payment Tech for Merchants
Apple will launch Tap to Pay on iPhone this year, allowing U.S. merchants to use their iPhones to accept Apple Pay, contactless credit and debit cards, and other digital wallets through a tap to their iPhone, with no additional hardware…
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or payment terminals needed, the company said Tuesday. Stripe is the first payment platform to offer the service to business customers, including the Shopify Point of Sale app this spring, it said, and more payment platforms are due to follow in 2022. At checkout, the merchant will prompt customers to hold an iPhone or Apple Watch to pay with Apple Pay, contactless credit or debit card, or other digital wallet near the merchant’s iPhone; the payment will be securely completed using near-field communication technology, Apple said. Transactions made using Tap to Pay on iPhone are encrypted and processed using the Secure Element; Apple doesn’t know what is being bought or who's buying it, said the company.