USDC stablecoin issuer Circle is set to integrate with tech giant Apple Inc. to introduce tap-and-go payments in iPhones. The strategic move comes after Apple announced plans to open up its payment chips to third-party developers. The proposed initiative aims to foster growth in the digital payment system. Similarly, it allows iPhone users to transfer funds easily via the blockchain ecosystem.
Circle to Integrate USDC Payments Via Apple’s NFC Chips
On August 14, Jeremy Allaire, CEO of Circle confirmed that tap to pay USDC on iPhone is coming soon. Allaire explained that customers before used Apple Pay and Apple Wallet features for transferring funds. However, users will be able to pay through multiple payment options with latest integration. In the latest move Apple Inc. offers Near Field Communication (NFC) Chips and Secure Element (SE) technology to third-party app developers.
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re: my iPhone NFC USDC post….
Lots of chatter and questions about my tweet. A bit more clarity so that people don't make this into something it is not. Why is tap to pay using USDC on iPhones incoming soon, and what does it mean for Wallet devs to get going?
– Circle has…
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) August 14, 2024
He added that opening up access to NFC chips will pave the way for ‘lots of things’ along with USDC payments. This capability will allow WEB3 and crypto wallets to utilize NFC chips for executing transactions through built-in apps. Moreover, this integration will aid developers in delivering crypto services, including using Non-Fungible tokens (NFTs) for tickets or certificates. Additionaly, this move will allow supporting stablecoins like EURC through mobile apps.
Allaire commented that the combination of high-performance chips with a low-fee blockchain network would unlock powerful pathways to merchant USDC payments. Meanwhile, he cautioned the crypto community that Circle has no relationship with Apple and that the new NFC payments are separate from the Apple Pay feature.
Apple Offers Its NFC and SE APIs to Developers Worldwide
On the same day, Apple announced that with iOS 18.1, developers can now use the Company’s NFC and SE technology to build payment apps for wireless transactions. However, the newly developed payment feature will be independent of the Apple wallet. Additionally, Apple stated that developers who are planning to gain access to Apple’s NFC and SE have to make a commercial agreement with the company first. If they meet the regulatory standards, they will be authorized after paying associated fees.
Currently, Apple’s NFC and SE features will be available to developers in various states. It includes Australia, Canada, Brazil, Japan, the U.S., and the U.K. Apple also clarified that the company ensures complete fairness and transparency in users’ privacy and security. The company aims to offer a secure and user-friendly experience to customers across the globe.
Now-a-days, many payment giants and crypto firms seem attentive to stablecoins like USDC and USDT. Various companies have embraced stablecoins while some have introduced their own like Paypal’s USD (PYUSD). These stablecoins influence the whole crypto industry heavily as they are widely used for trading purposes on centralized and decentralized exchanges. Tether’s stablecoin (USDT) is the third largest cryptocurrency with a market capitalization of $116 billion while Circle’s USD (USDC) secures $34.4 billion market cap, as per the data provided by CoinMarketCap.
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