Apple launched its new payment method, Tap to Pay, which is currently only available in the United States

Apple strives to make a difference in the financial sector, especially by strengthening its payment services.

Finally there was a key breakthrough. On February 8, Apple announced the launch of the "Tap to Pay" feature on the iPhone. The so-called "Tap to Pay" means that no additional hardware is required, and you can use the iPhone to seamlessly and securely accept Payments from Apple Pay, contactless and debit cards, and other digital wallets using the iPhone.

That is to say, when the customer checks out, the merchant only needs to prompt the customer to hold the iPhone or Apple Watch, pay with Apple pay, contactless credit card, debit card or other digital wallet near the merchant's iPhone, and use Near Field Communication Technology (NFC) to complete the payment. Previously, merchants who wanted to accept payments on iPhones needed to plug in their phones or connect to their phones via Bluetooth, such as Square Payments, which dominated the market.

However, the service is only available in the United States. Moreover, for the time being, merchants can only unlock contactless payments through the supported iOS app on iPhone XS or later devices.

Currently, more than 90% of U.S. retailers have accepted Apple Pay, and with the "Tap to Pay" feature, businesses large and small can let customers click "Tap to Pay" at checkout to pay. It is reported that "Tap to Pay" will be launched in Apple Store stores in the United States later this year.

Apple said all transactions made through Tap to Pay are encrypted and processed using Secure Element. Like Apple Pay, Apple doesn't know what users are buying or who is buying.

Back in 2020, Apple began working on this new feature and also acquired Mobeewave, which developed technology for smartphones to accept payments using Near Field Communication (NFC) chips. In addition, the iPhone is not the first device to adopt Mobeewave payment technology, which supported Samsung long before Mobeewave was acquired by Apple, and Samsung also launched a similar technology in 2019.

In the field of payments, Apple has been moving continuously, launching Apple Pay in 2014, which is currently the most used mobile payment system in the United States; and also launching the Apple Card in 2019. The launch of "Tap to Pay" is another "chess piece" of Apple in the financial field.

Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet business, said in a statement: "By partnering with payment platforms, app developers, and payment networks, we will empower businesses of all sizes, from small businesses to large retailers, to accept contactless payments more easily than ever before and continue to grow their businesses." ”

Apple's Tap to Pay feature requires no additional hardware; transactions made using the feature are encrypted and processed through secure elements.

Payment platforms and app developers can integrate the "Tap to Pay" feature on their iPhones into their iOS apps and provide a payment option for business users.