Circle CEO Jeremy Allaire announced the integration of Tap to Pay contactless payment functionality using USDC on iPhone.
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
In iOS 18.1 Apple opened for developers, the ability to offer contactless transactions from their own applications using the NFC chip and a special hardware module Secure Element (SE). Previously, this was only possible within the Apple Pay and Apple Wallet services.
The move comes after pressure from regulators, including in the EU, and will allow banks and other services to compete with Apple Pay by allowing users to set a third-party app as their default payment system, replacing Apple’s solution.
The Cupertino company will require developers to pay fees and enter into a commercial agreement to use the NFC chip. The functionality is initially planned to be launched in Australia, Brazil, Canada, Japan, New Zealand, the United States and the United Kingdom. The European Union is not mentioned.
In a subsequent post, Allaire provided more clarity on the upcoming functionality. According to him, Circle has no agreements with Apple, the company will use the now publicly available NFCThis will allow cryptocurrency wallets to use the chip for transactions.
Lots of chatter and questions about my tweet. A bit more clarity so that people don’t make this into something it is not.
Why is tap to pay using USDC on iPhones incoming soon, and what does it mean for Wallet devs to get going?
— Circle has no relationship with Apple and this… https://t.co/IZfLbIsWGp
– Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) August 14, 2024
Circle CEO noted that developers of an iOS wallet that supports USDC will be able to create a user interface where a receiving device, such as a merchant or another iPhone, will receive transaction information via a tap.
Thanks to high-performance and low-cost blockchain networks, this will open up a powerful path for direct payments to merchants, the Circle CEO added. The functionality described above is also applicable to many other things, such as NFT tickets, other stablecoins, and so on.
Allaire called on wallet developers to prepare applications for using USDC via Tap to Pay, and for PoS hardware and software manufacturers to be prepared for firmware updates.
iOS 18.1 is currently in beta testing mode. The public release of the software is expected closer to October.
Source: Cryptocurrency
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