Apple is going to let third-party apps use its iPhone payment chip. This could make it much easier to use cryptocurrencies in tap-to-pay features. This choice, which will likely come with the iOS 18.1 update, was made because of pressure from governments, especially in the European Union.
Near-Field Communication (NFC), Apple’s payment technology, has only been used by Apple Pay in the past. This made it harder for other companies to offer mobile payment services. But now that the rules have changed, developers, including those in the cryptocurrency business, will be able to use the NFC chip to make payments in stores, pay for transit, and do other cryptocurrency-related transactions.
Apple Enables Crypto Payments
This change happened because of an antitrust probe by the European Commission. It came after claims that Apple limited the work of other mobile wallet developers. In order to avoid significant fines, Apple has decided to let anyone use its NFC technology. This agreement will last for ten years.
For people in the crypto community, this move could help digital currencies become more popular by making them easier to get and use on iPhones. iPhone will still charge “associated fees” and demand business agreements, though. This means that only developers who meet strict security and regulatory standards will be able to use the app.
This choice could have a major effect on platforms that offer cheap and fast transactions, such as Solana and Ethereum’s Layer 2 options. Solana is a good candidate for wider use of mobile payments because it is quickly finalized and has low fees. On the other hand, Ethereum’s Layer 2 solutions offer scalable and cost-effective options, even though fees do change from time to time.
Apple is now allowing cryptocurrency trades. People who hold cryptocurrency may turn to platforms like Solana and Ethereum’s Layer 2 solutions more often because they work well and quickly on mobile devices. This change could lead to more people using coins for everyday purchases, but there are still questions about iPhone fees and how they affect the cost of transactions.
