Apple introduced the ability to accept contactless payments with the iPhone

Apple announced today that later this year it will allow it to accept contactless payments using only the iPhone and a partner application for iOS. Thus, the new feature called Tap to Pay will allow both individual entrepreneurs and large companies to use a smartphone as a POS terminal.

Tap to Pay will be available to payment platforms and software developers to integrate into their iOS apps as a payment method. One of Apple's first partners to use the new feature will be U.S. marketplace Shopify.

Apple introduced the ability to accept contactless payments with the iPhone

"As more and more consumers use digital wallets and plastic cards to pay, Tap to Pay will provide businesses with a secure, confidential and easy way to accept contactless payments and open up new payment options through the power, convenience and security of the iPhone," Apple said.

Once Tap to Pay is available, businesses will be able to accept contactless payments through a special iOS app that is compatible with all Apple smartphones, starting with the iPhone XS. Customers will only have to hold their credit card or smartphone to the merchant's iPhone and the payment will be made similar to how it works with NFC-enabled payment terminals. No additional hardware has to be attached to the iPhone to accept contactless payments.

The company reports that the new technology will also be available at all Apple Stores in the US later this year. Apple notes that Tap to Pay protects transactions with the same technology that makes Apple Pay so secure and confidential. It's important to note that Apple won't monitor the payments, and therefore won't know who buys what using Tap to Pay.

Apple has said that Tap to Pay on the iPhone will be available to payment platforms and their software partners in an upcoming iOS beta.

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