Hong Kong’s Crypto Regulation Framework: How Hong Kong is Regulating
Apple’s next iPhone feature will offer merchants a way to accept Crypto Payments
Bengaluru, February 9, 2022: Apple has revealed set to deploy Touch to Pay just on iPhone, a major update that basically converts the iphone into something like a point-of-sale system for businesses as well as merchants. So, what does this mean for cryptocurrency?
According to the statement, owing to near-field communication technology, or NFC, iPhone-owning merchants may accept contactless payments through using their mobile phones as a point-of-sale system.
Apple’s soon-to-be-released Toucg to Pay function would supports,as well as another digital or online wallets,” as per the company. Users with a Coinbase Card, Visa Card, or perhaps a similar paysafecard would be permitted to just use existing crypto assets to accept transactions via Touch to Pay, provided Apple places a physical impediment in the road.
Although Apple has listed Stripe, fintech that is based on an Irish-American, as the very recent and new system to promote the iPhone’s Touch to Pay functionality, the firm has also stated that “other payment platforms as well as apps would come soon.”
In June 2021, Coinbase announced Coinbase Cards, which allows clients to pay cryptocurrency in a different method, which include:
“All cryptocurrencies will just be easily transformed to US dollars as well as transferred to your Coinbase Card (minus conversion costs) that can be used in transactions as well as Cash withdrawal.”
Crypto exchange Crypto.com followed suit and announced the Crypto.com Visa Card, which can be used with Apple Pay as well as other major digital wallets. In their statement, Apple stated:
While Apple Pay is doubtful to be adopted, accept Purchases of products and services made directly using BTC, This one would convert the customer’s cryptocurrency holding through into dollar amount required for the trader’s PoS system to execute the purchase.
Not to mention that in Nov 2021, Apple CEO announced his own cryptocurrency purchases as “as component of a diversified selection,” while stating that there are no imminent plans to use cryptocurrency as a form of payment for Apple products.
The Tap to Pay function will be available at Apple Stores, as well as on iPhone XS as well as later smartphones.
Cash App, a mobile payments application developed as well as owned by Twitter co-founder Jack Dorsey’s Block, has pledged support for BTC transfers via the Bitcoin Lightning Network.
Cash App customers will be able to make speedier BTC transactions across mainstream businesses now that the new feature has been released. Apart from New York, the corporation has extended the feature accessible across the United States, according to the report.