Apple Opens NFC Chip to Crypto Payments
Circle CEO Jeremy Allaire hints at USDC integration for iPhone tap-to-pay, signalling a shift in everyday crypto transactions.
Apple’s decision to unlock its Near Field Communication (NFC) chip for third-party developers has set the stage for cryptocurrency payments to become a mainstream option on iPhones. Circle CEO Jeremy Allaire announced that the USDC stablecoin would soon be compatible with iPhone’s tap-to-pay feature, leveraging this newfound capability. This update, arriving with iOS 18.1 in fall 2024, allows users in select countries to make direct merchant payments using USDC and possibly other digital assets. However, developers must adhere to Apple’s stringent privacy and security requirements, including commercial agreements and associated fees.
The impact of this development could be significant, as it opens the door for broader use of digital currencies in everyday transactions. By allowing direct payments with stablecoins like USDC, consumers could soon find it easier and more secure to make purchases using cryptocurrencies. The integration extends beyond just USDC, with potential applications for NFTs, other stablecoins, and various blockchain-based assets.
While this update will initially roll out in seven countries, including the U.S. and the U.K., it notably excludes the European Union, where regulatory concerns may have delayed implementation. Developers interested in utilizing the NFC chip will need to meet specific industry and regulatory standards, further emphasizing Apple’s commitment to security and privacy.
As the crypto industry gears up for this opportunity, wallet developers are encouraged to adopt Apple’s latest SDKs, while payment processors are advised to update their systems to accommodate native USDC settlements.
photo source / Blockonome
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