Apple’s Tap to Pay on iPhone is intended to offer the ultimate in convenience and affordability for small businesses looking to accept contactless payment from both mobile wallets and physical cards.
The feature is today continuing its global rollout, with Singapore the latest country to get the technology …
Tap to pay is an attractive option for small businesses as it allows them to accept contactless payments using only their iPhone. Typically, companies would have to either buy or rent a payment terminal or card reader, so Apple’s service cuts costs as well as adding convenience.
With Tap to Pay on iPhone, merchants can accept contactless payments through a supporting iOS app on an iPhone Xs or later running the latest iOS version. At checkout, the merchant will simply prompt the customer to hold their contactless credit or debit card, iPhone, Apple Watch, or other digital wallet near the merchant’s iPhone, and the payment will be quickly and securely completed using NFC technology. No additional hardware is needed, so merchants can accept payments from wherever they do business.
The Cupertino company also highlights the security and privacy of the service.
Privacy is fundamental in the design and development across all of Apple’s payment features. With Tap to Pay on iPhone, customers’ payment data is protected by the same technology that makes Apple Pay private and secure. All transactions made using Tap to Pay on iPhone are encrypted and processed using the Secure Element, and Apple doesn’t know what is being purchased or who is buying it. Apple doesn’t store card numbers or transaction information on the device or on Apple servers, so merchants and customers can rest assured that their data stays theirs
Apple says that it’s compatible with six popular payment platforms in Singapore today, with another one to follow.
Starting today, Adyen, Fiuu, HitPay, Revolut, Stripe, and Zoho are the first payment platforms in Singapore to offer Tap to Pay on iPhone. Additionally, Grab will offer Tap to Pay on iPhone beginning early next year.
Card types supported include Visa, Mastercard, American Express, JCB, and UnionPay.
The latest expansion means that Tap to Pay is now available in 50 countries and regions around the world.
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