Apple introduces Tap to Pay for iPhone, which turns your smartphone into a payment terminal

early rumors after all They were right — Apple has officially unveiled a new Tap to Pay feature that will allow merchants to use their iPhones as a point-of-sale terminal.

How it works?

The new service will support Apple Pay (both iPhone and Apple Watch), contactless credit and debit cards, and other digital wallets. Sellers won't need some additional equipment - only a smartphone with NFC. To make a successful payment, you just need to bring another gadget or a bank card to this smartphone.

The requirements to run Tap to Pay are minimal: you need to have an iPhone XS or later and download a supporting iOS app for setup. After the setup process, store owners will be able to accept payments from shoppers with a simple tap.

“As more and more consumers use digital wallets and credit cards to pay, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments, and open up new ways to pay with power, security, and the convenience of the iPhone,” said Jennifer Bailey, vice president Apple Pay and Apple Wallet.

Tap to Pay uses the same payment data protection as Apple Pay, with Secure Element encryption that generates unique transaction IDs every time you make a purchase. Apple does not receive data about what you buy or who pays through the terminal.

The service will also be available to developers for integration into their applications. The first platform will be Stripe.
Tap to Pay will work first in the US, but a little later. The function will start with beta version iOS software.

A source: Apple