"Tap to Pay" to allow merchants to accept crypto payments
Apple has announced that its soon-to-launch Tap to Pay feature will support "Apple Pay, contactless credit and debit cards, and other digital wallets." This means that customers using the Coinbase Card, Crypto.com Visa Card, or similar payment card will be able to use their cryptocurrency holdings to make payments via Tap to Pay, unless Apple creates a natural barrier to do so.It's worth noting that Apple's first partner for the iPhone's Tap to Pay feature is payments platform Stripe, which received an investment of more than $350 million from Canadian e-commerce giant Shopify last year. However, Apple also mentioned that Stripe would not be the only platform to enable payments, saying, "it will be the first payment platform to offer Tap to Pay on the iPhone to their business customers, including the Shopify Point of Sale app this spring. Other payment platforms and apps will follow later this year."
Apple CEO revealed his personal crypto purchase in November
In November 2021, Apple CEO Tim Cook revealed that he was personally holding cryptocurrencies as "part of a diversified portfolio" while stating that the company had no immediate intentions to use cryptocurrencies as payment for its products. At the time, Michael Saylor, CEO of Microstrategy, responded to Cook's statements that it could be worth at least a trillion dollars to shareholders if Apple were to drop support for Bitcoin.Although Bitcoin will most likely not be accepted for direct purchases of goods and services, Apple Pay will convert the user's cryptocurrency holdings into the dollar amount needed by the merchant's point-of-sale device to complete the transaction. Apple intends to make Tap to Pay functionality available in Apple Stores, iPhone XS, and subsequent models.
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