Bitcoin 'tap to pay' transactions will be possible with a new iPhone feature

Apple Pay users will soon be able to make Bitcoin (BTC) and other cryptocurrency purchases at a variety of popular retailers and services using the iPhone's Tap to Pay feature.

New iPhone feature will enable Bitcoin ‘tap to pay’ transactions
iPhone’s Tap to Pay | Image: Optimisus

On February 8, Apple announced plans to incorporate a new feature that essentially turns its smartphone into a point-of-sale device for businesses and retailers.

With the use of near-field communication (NFC), iPhone-owning businesses may accept contactless payments by using their mobile devices as a point-of-sale machine.

The Tap to Pay functionality will be available soon, according to Apple, and will support "Apple Pay, contactless credit and debit cards, and other digital wallets."

Tim Cook, Apple's CEO, stated:

"We recently released Tap to Pay for iPhone, a fantastic solution for millions of small companies to accept contactless payments directly from their iPhone." It's simple, safe, and will be available later this year."

Customers who have a Coinbase Card, Visa Card, or another comparable payment card will be able to use their cryptocurrency holdings to make payments through Tap to Pay, as long as Apple does not place a direct barrier in the way.

Stripe selected as a partner

It's worth noting that Apple has chosen Stripe, a payment network that received a $350 million investment from Canadian eCommerce behemoth Shopify last year, as its first partner for the iPhone's Tap to Pay function (NYSE: SHOP).

However, Apple also stated that Stripe will not be the only payment platform available:

“Stripe will be the first payment platform to offer Tap to Pay on iPhone to their business customers, including the Shopify Point of Sale app this spring. Later this year, more payment platforms and apps will be available."