Apple promised a few weeks ago, with the release of the recent versions of iOS 15.4, that it would bring a great new feature: Tap to Pay. Roughly speaking, this feature will bring to each of the recent iPhones the possibility of making payments and money transfers, just bringing them closer to each other. Each one will work as if it were a card to pay in a portable payment machine, a TPA.
Behind this technology, which is already available, there must be services that support the transfer of money from one account to another, with just that touch. As such, global fintech platform Adyen has announced that it will offer Tap to Pay to its customers later this year.
What is Tap to Pay for?
Let's, very directly, explain how you could use this technology. Imagine that you go to a restaurant for lunch and at the end you want to pay the bill. Usually, you either pay in cash, or ask for "the ATM machine", that is, the automatic payment POS.
The clerk brings the payment, enters the amount and gives it to you to swipe your debit (or credit) card. Enter the PIN (if it is below 50 euros, in the total amount, by contactless you don't need it) and the transaction is made.
With Tap to Pay, you only need to have your card inserted in the Wallet app on your iPhone and on the employee side you will only need to have an iPhone. TPA will no longer be needed.
Who says a payment at the restaurant says in thousands of other scenarios, it will even serve to transfer money from one iPhone to another directly. Of course, all this will have to be validated by Face ID.
Third-party companies will have to provide the bridge between the customer and the banking institution
According to the company, Adyen is working with enterprise customers and commerce platforms such as Lightspeed Commerce and NewStore to bring the feature to even more companies. With support from Adyen, NewStore will test the new feature with their customer Vince.
As such, Tap to Pay on iPhone will allow Adyen customers to use a payment solution easily and securely. Users need an iPhone XS or later to start accepting contactless payments through iPhone.
Tap to Pay on iPhone will be available to payment platforms and application developers to integrate into their iOS apps and offer them as a payment option for their business customers. Stripe will be the first payment platform to offer Tap to Pay on iPhone for its business customers, including the Shopify Point of Sale app this spring. Additional payment platforms and applications will be launched later this year.
Said the Dutch company adyen.
This is an important player since it has brands such as Mango, Microsoft, Domino's, LinkedIn, MO, Uber, Worten, McDonald's, Spotify, Tap Portugal, Salsa, Shein, among others in its customer portfolio.