Payment with just one iPhone... Apple to launch 'Tap to Pay' in the US this spring

First Launch of Shopify POS This Spring

Photo by Apple USA

[Asia Economy Reporter Cha Min-young] Apple officially announced that it will introduce the 'Tap to Pay' feature, which allows direct payment with just an iPhone, in the United States starting this spring.

Apple, located in Cupertino, USA, officially announced on the 8th (local time) that it will sequentially roll out a payment system using Near Field Communication (NFC) technology in the United States within this year.

The Tap to Pay feature is a simple payment method that uses the iPhone itself as a terminal. Payments are made by directly tapping the device with Apple Pay, contactless credit and debit cards, and other digital wallets.

Sellers can unlock contactless payment approval through an iOS app supported on iPhone XS or later devices. Like Apple Pay, all payment details made through Tap to Pay are encrypted.

The first corporate customer is expected to be the online payment company Stripe. Stripe is expected to be the first company to introduce the Tap to Pay feature through the Shopify POS application (app). Additional payment platforms and apps will be launched in the second half of the year.

Bloomberg News in the United States predicted, "If Apple introduces Tap to Pay, it will have a significant impact on the contactless payment service sector, which is dominated by Block, as well as the existing sales information management system and POS terminal market." The IT specialist magazine The Verge also noted, "Although contactless payments are not a large market in the United States, Apple's payment method could serve as a nudge."

Recently, Apple has been expanding its business areas by showing interest in the fintech service sector, launching its own credit card with Goldman Sachs, and entering the 'buy now, pay later' market, which is emerging as a blue chip in the fintech industry.

However, in the case of Korea, the possibility of early adoption of Tap to Pay is considered low. Tap to Pay basically follows the EMV standard, an international standard based on NFC technology like Apple Pay, but in Korea, there are compatibility issues between terminals and card companies, making the use of Apple Pay practically impossible. The official Apple Korea website has not posted any news about the introduction of Tap to Pay.

This content was produced with the assistance of AI translation services.