Last updated on June 17th, 2024
Contactless payment technology now spans Canada, bringing immense convenience for businesses to create innovative ways to sell. They can now accept payments from contactless debit and credit cards. Apple Pay, and other digital wallets through iPhone and a partner-supported iOS app.
Every moment these days introduces a breakthrough technological innovation, transforming the way we live, work, and interact. Adding to the endless list, Apple introduced the talked-about “Tap To Pay” on iPhone in Canada, enabling merchants to seamlessly and securely accept online payments. Businesses now don’t need to install any additional point-of-sale hardware such as a Square Terminal.
iPhone’s Tap To Pay Technology – A Brief
Tap to Pay is available for millions of merchants and ensures to offer extreme convenience to them, regardless of their size. Developers and payment platforms can integrate this groundbreaking feature into their iOS apps, enabling merchants to leverage it for secure and convenient transactions. Square, Moneris, Adyen, and Stripe are the first payment platforms in Canada to offer Tap To Pay.
It is interesting to note that the iPhone’s Tap to Pay is already available in the U.S., Brazil, Australia, France, the U.K., Japan, Taiwan, the Netherlands, and Ukraine.
This iPhone’s feature works with contactless credit and debit cards from leading payment networks, including Mastercard, Interac, American Express, and Visa.
iPhone’s Tap To Pay Technology – Developers’ Outlook
According to Jennifer Bailey, vice president of Apple Pay and Apple Wallet, “Canadians increasingly rely on a variety of digital and contactless payment options, so we’re excited to partner with payment platforms to offer merchants across Canada a private, secure, and easy-to-use capability that meets customers where they are.”
Speaking about the need for transactional convenience for businesses, he further added, “We’ve seen how merchants and customers appreciate the versatility of Tap to Pay on iPhone, and in a region as diverse as Canada’s, we look forward to making it easy for businesses of any size to transact from coast to coast with just an iPhone.”
iPhone’s Tap To Pay touchless payments through a supporting iOS app on iPhone X and later models running the latest iOS version. Customers can pay using their debit or credit cards, Apple Wallets, iPhones, or other digital wallets by simply tapping them on the merchant’s iPhone during checkouts. Thanks to NFC technology! This eliminates the need for additional hardware, making it convenient for merchants to accept payments anywhere.
In Canada, where 90% of retailers already accept contactless payments, this new capability allows virtually every business to use Tap to Pay on iPhone for instant, uninterrupted, and secure transactions.
Suggested: Top 10+ Payment Gateways in Canada
iPhone’s Tap To Pay Technology – Is It Worth The Hype?
The Tap to Pay technology in the iPhone has created significant buzz since its debut. As already mentioned, this technology allows users (especially merchants) to make secure, contactless payments using their iPhones at supported retailers.
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Improved Security
A key advantage of Tap To Pay is its security. It leverages security methods like tokenization and biometric authentication to protect users’ sensitive financial information. Each transaction is authorized with a one-time unique code, minimizing the risk of fraud. Additionally, all transactions made using iPhone’s Tap to Pay are encrypted and processed using the Secure Element. So, Apple does not store or share credit card details. This further adds to its overall security mechanism.
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Convenience & Faster Transactions
Tap to Pay is a streamlined payment process that reduces checkout times, which leads to shorter customer queues, and improved operational efficiency and throughput.
Another factor contributing to the hype around the iPhone’s Tap To Pay is its convenience. Users can add multiple credit and debit cards to their Apple wallet and easily switch between them when making a payment. Further, the one-tap payment mode is also a unique selling point (USP) of the iPhone’s Tap To Pay, especially in times when speed and efficiency are prioritized.
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Increasing Popularity For Contactless Payments
Also, consumers are increasingly adopting Apple Pay, though at a steady pace. According to research, Apple Pay’s transaction volume increased by 500% year-over-year in Q1 2020. This highlights its growing popularity among retailers and consumers.
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Access to Transaction Data
With Apple’s real-time access to transactional data, merchants and businesses can get insights into customer spending patterns, demographics, and preferences. These insights on transactions allow businesses to improve their inventory management, personalize marketing campaigns, predict sales accurately, and improve product offerings while making improved data-driven decisions.
With all these benefits along with several others, iPhone’s Tap To Pay is worth the hype globally.
iPhone’s Tap To Pay Technology – What’s Next?
Well, in the coming months, payment platforms, including Chase Payment Solutions, a part of J.P. Morgan Payments, Aurus, Helcim, and Fiserv will also make Tap To Pay accessible on iPhones for Canadian customers.
Not only this but premium merchant brands, like Sephora will also enable Tap To Pay for their iPhone customers.
Sephora’s vice president and treasurer, Stefan Jensen said, “A focus on innovation and the customer journey is central to Sephora’s business, and delivering Tap to Pay on iPhone is another example of how Sephora is continuing to offer an elevated experience to our consumers. We’re thrilled to soon expand Tap to Pay on iPhone to our Canadian market after introducing it to our stores in the U.S. last year and seeing how the beauty community has embraced this new way to pay.”
Lastly, Tap to Pay on iPhone will also be available at Apple Store locations across Canada later this year.
Empower Your Business With Tap To Pay With iTechnolabs
As an experienced iOS app development company, iTechnolabs can help businesses in enabling Tap To Pay on iPhones by integrating Apple Pay or NFC technology into their custom apps. This involves the integration of Apple Pay SDK, ensuring security and compliance, providing testing and deploying services, and optimizing user experience.
With our expertise, businesses can enable Tap To Pay on iPhone (and even Android), enhancing customer convenience and payment processing efficiency. To know more about our services or to get a FREE quote, contact us today!
