Apple Pay May Soon Facilitate Crypto Payments

Cryptocurrency is popular among investors and purchasers, but the enthusiasm might not yet be mainstream. Cryptocurrency reflects a relatively new asset, and people used to traditional currency and investment opportunities may not even know much about the crypto market or understand the value. Forward-thinking persons may look closer at crypto and try to envision the potential. Interestingly, the Apple Corporation gave crypto a nod recently.

Apple Potential Forays into Crypto

Apple appears to understand that consumers appreciate the opportunity to make purchases with crypto. What consumers don’t necessarily like is the limited choices available to them. Apple likely realizes that anyone with a passing interest in cryptocurrency investing and purchasing owns an iPhone. So, Apple announced a new feature with Tap to Pay that will soon come to Apple. The feature intends to facilitate cryptocurrency transactions, eliminating the need for third-party services.

Apple might have noticed that Coinbase developed debit cards designed to allow account holders to make payments and cash advancements from their digital currency holdings. Connecting these cards to Apple Pay could work, but Apple sees value in making direct crypto transactions possible without any third parties.

More Options for iPhone Users

The new feature may arrive by the end of 2022. When it does, contactless credit and debit cards, along with digital wallets, will work side-by-side with the appealing Apple Pay function. 

Apple’s developers and management understand consumers like choice and convenience. Tech fans appreciate new improvements, upgrades, and innovative features. And yes, people who use cryptocurrency want to find more ways to perform transactions. Expanded transaction capabilities provide added conveniences for crypto users.

Not every iPhone can utilize the feature when it arrives. Models must be the iPhone XS and beyond. Perhaps the enhanced Tap to Pay feature could move some consumers to purchase an upgrade, another potential plus for Apple.

Apple Sets Itself Apart

Apple’s feature could give it another way to stand apart from Google and Android. Google likely has plans to enhance Google Pay by facilitating crypto transactions. So far, Google has not announced anything concrete, but the recent hiring of someone formally affiliated with PayPal sparked talk of Google Pay offering a crypto transaction option.

Google’s Pay system finds itself utterly dwarfed by Apple Pay. Google could have scored an edge over its competitor by becoming the first to offer crypto transactions without third-party assistance. It seems Apple will get there first, giving the tech giant a way to maintain market dominance over a competitor.

Google might find Apple’s announcement motivating. The company’s top executives and shareholders probably don’t want to look weak compared to Apple. So, expect Google to move ahead with its crypto transaction feature. 

Google can’t rush the feature to the market, and, honestly, neither can Apple. A “buggy feature” won’t receive much enthusiasm in the market.

Crypto Transactions Grow

Apple’s innovation and Google’s decision to follow Apple’s lead show the potentially exponential growth of cryptocurrency’s popularity. As more people pay for goods and services with crypto, the more top companies want to tap into those consumers’ needs.