TLDR
- iPhones are moving beyond just Apple Pay as Apple permits third-party developers access to its NFC chip, opening up new possibilities for contactless payments.
- Jeremy Allaire from Circle shared that the ability to use USDC via tap-to-pay on iPhones is imminent.
- This update has the potential to allow merchants to accept payments directly using USDC and various digital currencies.
- Expected this fall, the exciting update will arrive with iOS 18.1.
- Access to the NFC functionality on iPhones requires third-party developers to adhere to certain criteria and establish agreements with Apple.
Apple's latest decision to make its NFC chip available to external developers has stirred excitement across the cryptocurrency community, as it could permit non-Apple Pay transactions involving digital currencies. announced on August 14, 2024 This opportunity paves the way for everyday crypto payments via contactless technology outside of Apple's existing services.
Circle's CEO, Jeremy Allaire, effusively reacted to this development, prompting wallet developers to get ready for the new USDC tap-to-pay feature.
The anticipation for using USDC with just a tap on iPhones is high, encouraging wallet developers to gear up for this upcoming feature. https://t.co/D6lsj4saMS
— Jeremy Allaire – A voice in both the Ethereum and Solana communities, expressing enthusiasm via his @jerallaire social platforms. August 14, 2024
It seems Circle is already on track to integrate USDC payments using Apple's newly accessible NFC feature.
After significant regulatory pressure, Apple finally opens up its NFC chip to outside developers, previously reserved solely for Apple Wallet and Apple Pay due to privacy considerations.
Allaire explained the potential functionality: a retail terminal could notify an iPhone of the amount and blockchain address for a USDC payment, and the iPhone's wallet app could prompt users to confirm and process the transaction with techniques like FaceID.
This shift could revolutionize the way cryptocurrencies are used in daily life by simplifying stablecoin transactions for individuals.
Beyond USDC, Allaire envisions the technology being used for NFTs, digital tickets, other stablecoins like EURC, and more, suggesting a wider adoption of blockchain assets in routine activities. USDC payments .”
Apple's new initiative will be part of the iOS 18.1 upgrade, anticipated for a fall 2024 release, but initially available only in select countries including Australia and the United States, with a notable absence of EU countries.
For developers eager to work with the NFC chip, there are standards and regulatory agreements to abide by, as per Apple's security guidelines.
Any developer aiming to utilize the newly available features will need to contract commercially with Apple, although specific financial terms remain undisclosed.
With USDC firmly placed as the second-most prominent stablecoin, boasting near $35 billion in market value, this change could be hugely beneficial, especially after gaining EU approval under crypto-asset regulations.
As the crypto realm gears up for this advancement, wallet developers are invited to adopt the newest Apple iOS SDKs, while payment systems should prepare for USDC integration.
At the helm of Blockonomi and originator of Kooc Media, a bastion for online media in the UK, they champion open-source, blockchain progress, and an equitable internet.
