Apple Pay and Crypto: A New Era for Digital Payments?
In recent crypto news, Circle CEO Jeremy Allaire revealed that USDC payments via Tap-and-Go on iPhones could soon become a reality. This new feature will allow users to easily make payments with USDC, a popular stablecoin, directly through their iPhones at checkout—functioning similarly to how Apple Pay works today.
In case you're asking yourself, what exactly is USDC, we've got you covered.
What is USDC?
USDC or USD Coin is a cryptocurrency that is fully backed by the U.S. dollar. Essentially, USDC is a tokenized U.S. dollar, with the value of one USD Coin pegged as close to the value of one U.S. dollar as possible. The value of USDC is designed to remain stable, hence it is considered a stablecoin.
What Happened?
Apple is reportedly planning to open up its NFC chip and Secure Element (SE) to third-party developers, paving the way for blockchain-based payment solutions to be integrated into Apple devices. This move marks a significant shift for Apple, which has traditionally kept its NFC capabilities restricted to its Wallet app and Apple Pay.
Allaire highlighted that this change could revolutionize how USDC payments are processed, allowing direct transactions with merchants. But the potential doesn’t stop there—this development could also enable new applications like using NFTs for event tickets or expanding the use of other stablecoins such as EURC.
Apple's new APIs are expected to be available to developers in select countries, including Australia, Brazil, Canada, Japan, New Zealand, the UK, and the US. However, it’s worth noting that no European Union countries were mentioned in the announcement.
Interestingly, this isn’t the first time Circle has explored the idea of enabling USDC payments through Apple Pay. Back in August 2021, the company announced similar plans, and the feature was briefly introduced in 2022 before being taken offline. Now, it appears that Circle is making another attempt to bring this feature to market.
Related Crypto News
Meanwhile, other players are also making moves. MetaMask, a leading self-custodial wallet, recently announced a partnership with Mastercard and Baanx. Together, they plan to launch a self-managed debit card in the UK and EU, further expanding the use of cryptocurrencies in everyday transactions.
This wave of innovation could signal the beginning of a new era for digital payments, with major tech companies and financial service providers exploring the integration of cryptocurrencies into mainstream financial systems. As these developments unfold, they have the potential to reshape how we think about and use digital currencies in our daily lives.
