Nikolas Sargeant
"Tap to pay with USDC on iPhones is coming soon. Wallet developers, get ready," Circle CEO Jeremy Allaire announced in a recent post on X.
This new feature will utilize Apple’s Near Field Communication (NFC) chip and Secure Element (SE), which were previously exclusive to Apple Wallet and Apple Pay.
Blockchain Payments Set to Debut on iPhones
Apple’s recent move to unlock these critical technologies opens the door for blockchain-based payment systems to be integrated into the iPhone ecosystem.
This development will enable direct USDC payments at points of sale, with iPhone wallet apps allowing users to authenticate transactions using features like FaceID, ensuring seamless payment processing on the blockchain.
Allaire highlighted the significance of this advancement, noting that the combination of iPhone technology with fast, low-cost blockchain networks could pave the way for efficient direct-to-merchant USDC payments.
“This will allow a point of sale to communicate with an iPhone to specify a blockchain address for USDC payments or the amount to pay, after which the iPhone wallet app could prompt the user to authorize the transaction (e.g., via FaceID) and execute the payment on the blockchain,” Allaire explained.
“Paired with high-performance, low-fee blockchain networks, this innovation could significantly enhance direct USDC payments to merchants.” Beyond USDC, Allaire noted that Apple’s NFC access could also facilitate transactions involving non-fungible tokens (NFTs), other stablecoins like EURC, and various digital certificates.
However, this feature will initially be available in selected countries, including Australia, Brazil, Canada, Japan, New Zealand, the United Kingdom, and the United States. The European Union was notably absent from Apple’s initial rollout plans.
In the meantime, MetaMask is advancing its own payment initiatives by piloting a self-custody debit card in collaboration with Mastercard and Baanx. This will allow users in the UK and EU to make purchases directly from their crypto wallets.
Payment Firms Embrace Cryptocurrencies
In April, fintech giant Stripe reintroduced cryptocurrency payment acceptance after a six-year hiatus, starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains.
Stripe initially explored cryptocurrency in 2014, conducting tests with Bitcoin, the original digital currency. However, the company discontinued its Bitcoin support in 2018 due to its volatility and unsuitability as a stable medium of exchange.
Other payment companies have also started adopting stablecoins for transactions. More recently, Singapore-based payment firm Triple-A announced its intention to integrate PayPal’s stablecoin, PYUSD, into its list of supported tokens by the end of June. Triple-A, the first licensed crypto payments firm in Singapore, currently supports payments primarily in Bitcoin, Ether, and stablecoins from Tether and Circle.
