Tap to pay with Crypto? Apple’s reveals changes in payment tech

As a seasoned analyst with over two decades of experience in the tech and finance sectors, I find this development by Apple to be both intriguing and potentially game-changing for the crypto landscape. Having witnessed the rise of mobile payments from their infancy, I can confidently say that Apple’s decision to open its iPhone payment chip to third-party developers could mark a turning point in the widespread adoption of digital currencies.


Apple plans to allow third-party developers access to its iPhone’s payment chip, potentially expanding the use of cryptocurrencies within Apple’s touch-to-pay features.

Under pressure from regulators like the European Union, Apple has revealed plans to grant developers access to their proprietary payment systems. This anticipated change, slated for the iOS 18.1 release, might carry substantial repercussions within the cryptocurrency industry.

As a longtime user of Apple devices, I have always appreciated the seamless integration and convenience they offer. However, one area where I felt limited was the mobile payment space due to the exclusive use of the iPhone’s NFC chip for Apple Pay. This limitation made it difficult for me to explore other options in the market, such as those offered by crypto companies.

Making this adjustment might facilitate a smoother integration of cryptocurrency wallets with iPhones, empowering users to execute crypto transactions just as effortlessly as traditional fiat transactions.

Apple’s concession

The decision was made following an antitrust probe by the European Commission, which claimed Apple limited the development of competing mobile wallet apps. By promising to make its NFC technology accessible and committing to this openness for the next ten years, Apple managed to avoid substantial penalties.

As a long-time member of the crypto community, I can confidently say that this development has the potential to revolutionize the way we interact with digital currencies. As someone who started using cryptocurrencies years ago when they were still relatively unknown and difficult to use, I know firsthand how important accessibility and user-friendliness are for widespread adoption. By making digital currencies more accessible on a widely-used platform like the iPhone, we can bring in new users who may have been intimidated by the complexities of the crypto world before. This could lead to a significant increase in the number of people using and benefiting from cryptocurrencies, and I’m excited to see how this development unfolds.

Nevertheless, Apple will maintain certain “related charges” and demand business contracts, implying that only those developers who pass rigorous security and regulatory checks will be granted access.

Speculative implications for crypto

The action might influence platforms such as Solana (SOL) and Ethereum‘s (ETH) Layer 2 alternatives, which provide affordable, swift transactions. Notably, Solana is distinguished by its swift confirmation times and minimal charges, positioning it as a robust candidate for broader usage in mobile payment systems.

EXCITING NEWS: For the first time, Apple is granting access to its iPhone Payment Chip to external parties, paving the way for Bitcoin and cryptocurrency transactions using the simple “Tap to Pay” method! #Bitcoin and crypto transactions just got a lot easier!

— Radar🚨 (@RadarHits) August 15, 2024

As a crypto investor, I’ve noticed that Ethereum’s L2 solutions, although they occasionally have fluctuating fees, offer a more scalable and budget-friendly option compared to traditional payment systems. This transition might trigger fierce competition among blockchains to smoothly integrate with mainstream technologies, thereby enhancing the practicality and acceptance of cryptocurrency transactions.

Individuals who own cryptocurrencies might find appealing platforms such as Solana and Ethereum’s L2 (Layer 2) solutions, due to their rapid transaction confirmation and low costs, especially within a mobile environment where efficiency and swiftness are crucial factors.

The move certainly has the potential to foster broader adoption of cryptocurrencies for everyday payments, but much is still uncertain regarding Apple’s fees on transaction costs.

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2024-08-15 18:55