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Apple Opens Its NFC Chip to Third-Party Wallet Developers, Allowing Crypto Wallets to Tap to Pay

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Aug 16, 2024 am 03:40 AM

apple USDC Tap to Pay iPhones

This move by Apple is seen as a way to give users more choices for how they make digital payments.

Apple Opens Its NFC Chip to Third-Party Wallet Developers, Allowing Crypto Wallets to Tap to Pay

Apple Inc. (NASDAQ:AAPL) has finally opened up its Near Field Communication (NFC) chip to third-party wallet developers after 10 years of exclusivity.

This means that cryptocurrency wallets will now be able to integrate tap-to-pay functionality for their users.

Among the first to announce support for the new feature is Circle Pay, which will be enabling USDC tap-to-pay.

Apple has opened its NFC chip to third-party wallet developers. This means crypto wallets can now tap to pay!

Circle CEO already confirmed that USDC tap to pay is coming, but I think the potential for this is so much higher

imagine bitcoin lightning… pic.twitter.com/ZG9f0n7x9l

— Miles Deutscher (@milesdeutscher) March 8, 2023

This development paves the way for a broader range of payment options, including cryptocurrencies, at physical stores.

Previously, only Apple Pay was permitted to utilize the iPhone’s NFC chip for payments, limiting the use of other digital wallets or cryptocurrency payment applications.

This move is anticipated to foster greater innovation and competition within the payment landscape, particularly in the burgeoning realm of digital currencies.

Moreover, the integration will be crucial for the USDC community, enabling wider utilization of this cryptocurrency in daily transactions.

This development could facilitate greater mainstream adoption and use of cryptocurrencies among the general public.

Apple and Crypto NFTs

It is important to note that Apple levies a 30% fee on Non-Fungible Token (NFT) transactions conducted through applications within its App Store.

This charge is applicable to all in-app purchases, NFTs included. Many crypto leaders have voiced their discontent with this hefty fee structure.

They argue that it is exorbitant and may hinder NFT trading on iPhones. However, despite the criticism, Apple has maintained this policy, asserting that it aligns with the fees levied on other digital goods sold through the App Store.

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