There had been a huge spike in new small businesses since the health crisis started. To help these entrepreneurs, Apple is introducing a new feature called Tap to Pay on iPhones.
As the name suggests, the new Tap to Pay feature will make contactless payments much easier for SMEs.
The said feature will be initially available in the United States later this year via an iOS software beta update. It will support Apple Pay on both the iPhone and Apple watch, as well as contactless debit and credit cards and other e-wallets without the need for a separate hardware terminal.
This new service will work on credit and debit contactless cards from top payment networks like Visa, Mastercard, Discover, and American Express (AMEX).
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What’s more, payment platforms and developers will be able to put the said feature on their apps.
For the service to work, merchants should have an iPhone XS or newer and will have to download the supporting app to set things up.
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Once up and running, storefronts can accept NFC payments from their customers by simply tapping their cards or phones with e-wallet ready. The process is protected by the same payment data protection used on Apple Pay, which includes Secure Element encryption that generates a unique transaction ID on every transaction. Apple will not collect the data on the transaction (items purchased or the name of the customer).