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