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 no relationship with Apple and this has nothing to do with Apple Pay.
- The news article, which you should read, spells out what Apple is doing, which is opening up the use of the NFC chip to 3rd party app developers.
- Until Apple did this, the only payment app or wallet that could use NFC on iPhones was Apple's Wallet and Apple Pay.
- By opening up this capability to developers, other Wallet apps, for example, Web3 Wallets and Crypto Wallets will be able to invoke NFC for transactions.
- If a iOS wallet that supports USDC enables this, they could enable a UX where a receiving device (like a Point-of-Sale, or another iOS device) could receive the transaction info via a tap.
- This would allow a PoS to tell an iPhone what blockchain address it will accept USDC on, or the amount to pay, and then the iPhone-based wallet app could prompt the user to confirm a payment (like with FaceID) and initiate a transaction over the blockchain to settle the USDC.
- Combining this with high-performance and low-fee blockchain networks (most these days), this will open up a powerful pathway for direct to merchant USDC payments.
- FWIW, this applies to lots of things outside of USDC -- NFTs for tickets, other certificates, other stablecoins like EURC, etc.
So, yes, Wallet developers should start using the latest Apple iOS SDKs that support this and ready their apps for USDC Tap to Pay.
And, yes, PoS hardware/software companies should ready firmware updates so that they can send/receive these NFC instructions, and work with their Payment Processors to ensure that those firms upgrade to support native USDC settlement (many PSPs and Processors are already doing this).
Hope that helps explain!
JA
Why is tap to pay using USDC on iPhones incoming soon, and what does it mean for Wallet devs to get going?
- Circle has no relationship with Apple and this has nothing to do with Apple Pay.
- The news article, which you should read, spells out what Apple is doing, which is opening up the use of the NFC chip to 3rd party app developers.
- Until Apple did this, the only payment app or wallet that could use NFC on iPhones was Apple's Wallet and Apple Pay.
- By opening up this capability to developers, other Wallet apps, for example, Web3 Wallets and Crypto Wallets will be able to invoke NFC for transactions.
- If a iOS wallet that supports USDC enables this, they could enable a UX where a receiving device (like a Point-of-Sale, or another iOS device) could receive the transaction info via a tap.
- This would allow a PoS to tell an iPhone what blockchain address it will accept USDC on, or the amount to pay, and then the iPhone-based wallet app could prompt the user to confirm a payment (like with FaceID) and initiate a transaction over the blockchain to settle the USDC.
- Combining this with high-performance and low-fee blockchain networks (most these days), this will open up a powerful pathway for direct to merchant USDC payments.
- FWIW, this applies to lots of things outside of USDC -- NFTs for tickets, other certificates, other stablecoins like EURC, etc.
So, yes, Wallet developers should start using the latest Apple iOS SDKs that support this and ready their apps for USDC Tap to Pay.
And, yes, PoS hardware/software companies should ready firmware updates so that they can send/receive these NFC instructions, and work with their Payment Processors to ensure that those firms upgrade to support native USDC settlement (many PSPs and Processors are already doing this).
Hope that helps explain!
JA
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