Apple’s recent announcement regarding the accessibility of NFC technology on the iPhone to third-party developers in the EU and select regions signals a significant shift in the mobile payment landscape. The decision to expand the use of this technology beyond Apple Pay and Apple Wallet could potentially open up new opportunities for crypto firms. Circle Co-Founder and CEO Jeremy Allaire’s encouragement for wallet developers to integrate Apple’s NFC payments technology into their services highlights the potential for tap-to-pay functionality in the realm of crypto payments.
With Apple’s move to allow third-party developers access to the NFC feature on the iPhone, there is a growing buzz around the possibility of Web3 wallet services incorporating tap-to-pay transactions. This integration could streamline the process of crypto-based payments on iPhones, offering users a more convenient and seamless experience.
Enabling Direct to Merchant Payments
By combining NFC technology with low-fee blockchains, such as the USDC stablecoin pegged to the USD, Apple’s decision has the potential to revolutionize direct-to-merchant payments. The ability for iOS wallets to support tap-to-pay transactions opens up a world of possibilities for expanding the adoption and usability of crypto assets in everyday transactions.
Game-Changing Move by Apple
Cryptos Consultancy CEO Ali Jamal commended Apple for its groundbreaking decision to provide access to iPhone NFC functionality to third-party apps. This move is seen as a game-changer in the world of crypto payments, as it not only supports USDC but also facilitates transactions with other stablecoins, NFTs, and more. By leveraging high-performance blockchains like Solana and Avalanche, Apple’s decision could lead to a new era of seamless and low-fee crypto payments.
While Apple’s decision to open up its NFC chip to third-party apps is lauded by many, the tech giant has faced criticisms in the past for its App Store policies that restricted crypto-related apps. The class-action lawsuit filed by Apple customers in 2023 and the backlash from Bitcoin wallet providers like Zeus and Damus point towards a history of friction between Apple and crypto app developers. It remains to be seen whether Apple will address these concerns and provide clarity on whether crypto-related apps will be allowed access to NFC functionality on the iPhone with the upcoming iOS 18.1 beta.
Apple’s decision to allow third-party developers access to iPhone NFC technology marks a significant step towards the mainstream adoption of crypto payments. The integration of tap-to-pay functionality in Web3 wallet services and the potential for direct-to-merchant payments signify a new era in mobile payments. By leveraging NFC technology and low-fee blockchains, Apple has the opportunity to reshape the way we think about transactions and pave the way for a more seamless and accessible crypto payment ecosystem.