Thursday, February 17, 2022
Apple, in a press statement, said Tap to Pay on iPhone will be available soon for payment platforms and app developers to integrate with their iOS apps and offer to their business customers as a payment acceptance option. Stripe will be the first platform to offer Tap to Pay on iPhone to clients, including Shopify, which will be up and running with it by Spring. Others are expected to follow later in the year.
"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," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet.
"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 businesses," she added.
Growing numbers of Americans use their mobile phones to make contactless payments—36.4 percent of those 14 and older did so in 2021, up from 26.2 percent in 2019, according to InsiderIntelligence.com.
Yet Apple Pay, which wowed consumers when it was introduced to market in 2014, hasn't made huge inroads with contactless payments. The website Pymnts.com surveyed nearly 3,700 U.S. consumers in 2021 and found just over 6 percent of those with Apple Pay activated on their iPhones had used the contactless payment feature.
Tap to Pay on iPhone follows the introduction of similar products last year by Visa (which calls its solution Tap to Phone) and Mastercard (Tap on Phone) for Android devices. Last year Mastercard stated it was working with NMI and Global payments to roll out Tap on Phone. Visa brought Tap to Phone to U.S. merchants in 2020 after successful rollouts in 15 countries.
There is no need for merchants to pair these software solutions with POS devices. They simply load one of the apps onto a smartphone and apply for a merchant account if needed. Then they prompt customers to hold their NFC-enabled smart phones or contactless credit or debit card close to the merchant's smartphone to check out.
Apple said it is working closely with leading payment platforms and app developers "across the payments and commerce industry" to get Tap to Pay on the phones of U.S. merchants.
"Whether you're a salesperson at an internet-first retailers or an individual entrepreneur, you can soon accept contactless payments on a device that's already in your pocket: your iPhone," said Bill Alvarado, Stripe chief business officer. "With Tap to Pay on iPhone, millions of businesses using Stripe can enhance their in-person commerce experience by offering their customers a fast and secure checkout." 
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