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Crypto payments could be primed for an explosion in adoption following a major policy change from the world’s second-largest cell phone producer!
What’s the Scoop?
- Big Apple Yields: Apple announced Wednesday that it will allow third party developers to utilize their iPhone near-field communication (NFC) payment chips to process transactions. Regulators from the European Union have pressured the firm to provide such access for years in hopes of leveling the playing field for financial service companies attempting to compete against Apple Pay.
- Open Access: Under the new scheme, authorized developers can register with Apple under a “commercial agreement” and pay “associated fees” to utilize the NFC chip for a litany of payments and identity applications.
Bankless Take:
By enabling third party developers to use the iPhone NFC payment chip, Apple will provide unprecedented access to tap-to-pay features for crypto wallet applications.
Although stablecoin payments have struggled to gain traction in many nations with developed financial systems, the ability for individuals to seamlessly transact via stablecoins as they would with a credit card through Apple Pay immensely increases the accessibility of crypto payments, and thus the probability that they receive mass adoption.
Tap to pay using USDC on iPhones incoming soon. Wallet devs, start your engines. https://t.co/D6lsj4saMS
—Jeremy Allaire - jda.eth / jdallaire.sol (@jerallaire) August 14, 2024
