In February of 2022, Apple announced that it was rolling out a new Tap to Pay feature. This enhancement, which will be supported by iOS 15.4 and later, will make it possible for businesses to accept customer payments with a single tap. Soon, both developers and payment services companies will be able to add this capability to their point of sale software. Tap to Pay will only be available on iPhones that are XS or later, and is not expected to be added to iPads.
Advantages of Tap to Pay.
Tap-and-go payments are already in wide use thanks to contactless card readers in retail stores, restaurants, and other businesses. Customers love them because the benefits of touchless payments are palpable: enhanced ease, convenience, and security. Even so, U.S. buyers have been slower to embrace them. This enhancement from Apple is specifically targeted toward American consumers for that reason.
Even so, the pandemic has played a significant role in helping shoppers to adopt the technology. Initial fears of COVID-19 potentially being spread by surface contact moved the needle toward consumers’ accelerated acceptance of touchless payments.
Apple’s new innovation seamlessly integrates with Apple Pay and allows funds to smoothly move from a shopper’s digital wallet into the merchant’s account with maximum efficiency and security. Once this innovation is fully released and utilized, it will allow small businesses to accept payments on iPhones without the need for additional hardware. In effect, Apple’s new tap-and-go payments will transform any iPhone into a payment terminal. Consequently, all sellers, from food trucks to hairstylists, can settle customer purchases with one tap of a card or iPhone on their Apple device.
Tapping into a legacy of success.
Tap to Pay on iPhone is just the latest in a series of technological innovations designed to harness the power of the mobile phone. With every passing year, more people are leaving their cash and even plastic credit and debit cards at home in favor of making purchases with their iPhones. Apple’s secure digital wallet technology, combined with the ubiquitous Apple Card and Apple Pay, is sure to streamline very well with Tap to Pay, benefiting both customers and merchants alike.
Furthermore, Tap to Pay’s focus on digital safety maintains Apple’s commitment to data security. Point-to-point encryption and tokenization in the customer’s digital wallet keep information out of the hands of fraudsters and digital criminals, ensuring that only the customer and the issuing bank have access to the sensitive payment information involved in the transaction.
When you put systems in place that make payment transactions fast, easy, and secure, you are showing your customers that they are important. In fact, you are demonstrating your willingness to go the extra mile to provide maximum choice and a wide array of payment options. In today’s shopper-centered business climate, this is one of the most effective ways to retain your valued customers and keep them happy. Talk to your payments processing company about what you need to do to bring Tap to Pay into your business!
