#AppleCryptoUpdate

Apple Wallet NFC Update for Crypto Payments

Overview: Apple announced it will allow third-party developers to use the iPhone’s NFC chip for transactions, following regulatory pressure from the European Union. This enables iPhone users to set third-party payment apps as defaults, potentially supporting crypto payments via tap-to-pay.

Details:

Implementation: Developers must meet Apple’s security, privacy, and regulatory standards, pay associated fees, and enter a commercial agreement. The rollout includes the U.S., UK, Australia, Brazil, Canada, Japan, and New Zealand, but not the EU explicitly.

Stablecoin Impact: Circle’s CEO Jeremy Allaire posted on X, “Tap to pay on iPhones incoming soon,” urging wallet developers to prepare. This could integrate USDC (market cap $61.94 billion) into Apple Wallet for seamless payments.

Timeline: No specific launch date, but Circle’s statement suggests progress by mid-2025.

Source: Forbes, August 16, 2024