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Apple’s fintech initiative will integrate payment terminals into iPhone

The American multinational technology company Apple Inc. is launching a new feature on iPhone which will process payments with a single tap on their screen.

The feature will be available by the end of this year and will employ near field communication technology(NFC), making all types of payments possible, including between iPhones. The tech behemoth also stated that it would not keep a record of who or what is purchased, emphasising the service’s privacy feature.

Stripe and Shopify Point, the two fintech companies, will be the first providers of the ‘Tap to pay’ option to business clients in the United States as early as Q2 of 2022 according to the technologies company newsroom press release.

The chief business officer of Stripe, Billy Alvarado, commented that no matter if you online retailer or a single entrepreneur, you will be able to receive contactless payments on the device that’s already in your pocket.

We observe how Apple is expanding its financial offerings since 2019 when the giant partnered with Goldman Sachs to introduce its own credit card, which is working as a ‘buy now, pay later’ programme.

Photo by Igal Ness

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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Estonian Crypto Licenses is a trading name of TechIuris OÜ, a company based in Tallinn, Estonia and specialised in legal and compliance solutions for European FinTech companies. We are a fully licensed company, and EVEA and e-Residency marketplace members. Here on our blog, we share the latest news on topics such as NFTs, cryptocurrencies, blockchain and much more.

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