Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Will Opening Up Apple’s NFC Chip Jumpstart Crypto Payments?
    Cryptocurrency

    Will Opening Up Apple’s NFC Chip Jumpstart Crypto Payments?

    August 21, 20244 Mins Read


    Every innovation needs a supporting infrastructure network to scale.

    And, with the news that Apple will allow third-party developers to access its near-field communication (NFC) chip this autumn with the release of iOS 18.1, crypto and blockchain enthusiasts are increasingly of the hope that crypto payments are coming closer to finding that much-needed infrastructure.

    Apple’s move, influenced by the European Union’s Digital Markets Act (DMA) and growing regulatory pressure, marks a departure from Apple’s historically walled-garden approach to its hardware ecosystem, and the cryptocurrency industry stands to benefit from this newfound technical openness in one of the world’s most popular smartphones.

    NFC technology, which enables two devices placed within a few centimeters of each other to communicate, is already widely used for contactless payments through services like Apple Pay. By opening up NFC access to developers, developers of Web3 wallets and crypto wallets will be able to invoke NFC for crypto-based merchant payments and commercial transactions.

    This not only simplifies the process of using cryptocurrency for everyday purchases but also holds the potential to significantly expand the utility and potential reach of digital currencies within the commerce environment.

    Read more: Crypto’s Three Priorities for 2024: Interoperability, Acceptance, Regulation

    Unlocking a New Frontier for Tap-to-Pay Crypto Payments

    The opening up of Apple’s NFC chip represents a significant opportunity for the cryptocurrency sector, particularly for developers seeking to create more accessible and scalable crypto payment solutions. One of the main barriers to mainstream crypto adoption has been the complexity of using cryptocurrencies for everyday transactions. While there have been strides in simplifying crypto payments, they still lag behind traditional payment methods in terms of ease of use. The integration of crypto wallets and payment apps with NFC chips could revolutionize this space by enabling tap-to-pay functionality for crypto transactions.

    “It’s important to know that crypto is not just bitcoin and Doge and NFTs,” Sheraz Shere, head of payments at Solana Foundation, told PYMNTS. “… Blockchains are really alternative rails for payments and financial assets … An issue has been that the technology has not been user-friendly. It’s all been designed by engineers … to be very tech-centric and not use case or UX centric.”

    PYMNTS Intelligence has found that a positive checkout experience keeps customers coming back to a merchant.

    With cryptocurrency, “a lack of familiarity can lead to a lack of comfort, which will often lead to a lack of adoption,” Ajay Rajani, vice president of expansion and crypto at Tala, told PYMNTS.

    And in order to capture the opportunity that Web3 wallets now have, crypto leaders are calling on merchants to work with their payment providers to ready themselves for the upcoming shift.

    “PoS hardware/software companies should ready firmware updates so that they can send/receive these NFC instructions, and work with their Payment Processors to ensure that those firms upgrade to support native USDC settlement (many PSPs and Processors are already doing this),” tweeted Circle CEO Jeremy Allaire on X in response to the news.

    “FWIW [for what it’s worth], this applies to lots of things … NFTs for tickets, other certificates, other stablecoins like EURC, etc.,” Allaire added.

    See also: Making Sense of the State of Crypto in 2024

    Interoperability and Ecosystem Growth

    The opening of Apple’s NFC chip could foster greater interoperability between traditional financial systems and the emerging crypto economy. Third-party developers could create apps that seamlessly bridge the gap between fiat and crypto payments, enabling users to switch between the two with minimal friction.

    Already, the marketplace is responding with a directory of merchants accepting crypto payments being launched in response to Apple’s announcement.

    And elsewhere, the same day Apple announced it was opening up its NFC  technology (Aug. 14), Mastercard launched a crypto-to-fiat card with Web3/blockchain platform MetaMask and cryptocurrency payments firm Baanx.

    The MetaMask Card lets MetaMask wallet customers use crypto for everyday purchases in fiat currency wherever Mastercard is accepted. The card is being piloted on a limited basis — a few thousand digital-only cards — for European Union and U.K. users.

    At the same time, while Apple’s decision to open up its NFC chip is a win for developers, they must still ensure compliance with local regulations regarding crypto transactions. This includes issues like know your customer (KYC) and anti-money laundering (AML) requirements, which could complicate the integration of crypto payments into everyday transactions

    As the release of iOS 18.1 approaches, all eyes will be on the developers and the apps they create. If they succeed, we could see a significant shift in the way people think about and use cryptocurrencies — moving them from the fringes of finance to a more central role in the global payment ecosystem.

    See More In: Apple, Blockchain, Crypto payments, Cryptocurrency, digital currencies, Digital Markets Act, Mobile Wallets, Near Field Communication, News, NFC, NFC Chip, PYMNTS News, Smartphones, Web3





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Fake Uber Driver in London Drugs US Tech Investor with Cigarette, Steals £96K in Cryptocurrency

    Cryptocurrency

    SEC Dismisses Lawsuit against Binance

    Cryptocurrency

    India’s Digital Payment Surge: Currency and Convenience

    Cryptocurrency

    Appeal against important court ruling about cryptocurrency in South Africa – MyBroadband

    Cryptocurrency

    CoinClinic: What is Cryptocurrency? – Numismatic News

    Cryptocurrency

    DOL Rescinds 2022 Guidance Cautioning Against 401(k) Plan Investments in Cryptocurrencies | Proskauer – Employee Benefits & Executive Compensation Blog

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Fintech

    France Fintech appelle les assureurs à coopérer pour tirer un bénéfice commun de Fida

    Stock Market

    Wall Street dégringole de près de 6% à la clôture – L’Express

    Commodities

    Resources Top 5: Juniors in the spotlight across a gang of commodities as ASX shoots

    Editors Picks

    The picturesque UK city where quick rentals nearly 20 percent cheaper | UK | News

    April 19, 2025

    IEDC seeks $50M in state support for new LEAP pipeline bond financing – Inside INdiana Business

    August 20, 2024

    « Il faut planter dès maintenant de nouvelles cultures et prendre des risques »

    April 18, 2025

    CFTC’s Behman asks Congress for quick action on digital commodities regs

    July 11, 2024
    What's Hot

    Tigo Energy va présenter sa solution MLPE TS4-X 800 W pour les applications solaires commerciales et industrielles sur le salon KEY 2025

    February 27, 2025

    Haryana CM Champions Agricultural Progress at Mega Sabji Expo and Unveils AI Chatbot

    March 23, 2025

    Gold and Silver Surge to Record Highs Amid Geopolitical Tensions and Economic Uncertainty see stocks inside…. – Insurance News

    October 24, 2024
    Our Picks

    Techno – Agricultural Supplying Joint Stock Company nomme Can Thi Bich membre indépendant du conseil d’administration

    April 18, 2025

    Hawk Tuah girl officially returns to social media months after cryptocurrency scandal – Celebrity

    March 25, 2025

    Roughly $1.4M recovered in cryptocurrency scam in Loudoun County, deputies say

    February 24, 2025
    Weekly Top

    Ambiance rock garantie au Puy-Sainte-Réparade avec le groupe pop rock Silver Fox au château La Coste

    June 1, 2025

    Quand le métal devient métaphore de l’élévation : le 71e congrès des Compagnons serruriers du Devoir a réuni plus de 500 personnes à Nîmes

    June 1, 2025

    Dividend & Stock Split: TCS, Tata Motors, Coforge Among Shares To Trade Ex-Date This Week

    May 31, 2025
    Editor's Pick

    KYLESA, THE BLACK DAHLIA MURDER, DØDHEIMSGARD Among Latest Acts Confirmed For Inferno Metal Festival Norway 2025

    August 23, 2024

    Stock market still leery of Trump

    May 2, 2025

    1 Top Cryptocurrency to Buy Before It Soars 1,600%, According to Chamath Palihapitiya

    August 17, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.