New feature allows seamless USDC transactions via iPhone tap, expanding to other digital assets and enhancing payment convenience.
Circle, a leading financial technology firm, is gearing up to introduce a new feature that will enable NFC (Near Field Communication) contactless payments for USDC (USD Coin) on iPhones. This development comes in the wake of Apple's recent decision to allow third-party developers access to the iPhone's NFC chip and Secure Element technology.
NFC, or Near Field Communication, is a technology that allows devices to communicate with each other when they are close together, typically within a few centimeters. This technology is commonly used for contactless payments, where a simple tap of a phone can complete a transaction. Apple's NFC upgrade now permits third-party apps to utilize this technology, opening up new possibilities for alternative payment systems.
Jeremy Allaire, CEO of Circle, announced that the USDC Tap-to-Pay feature will soon be available on iPhones. This feature will be part of the iOS 18.1 update, allowing developers to implement NFC contactless transactions in their apps. With this update, users will be able to make seamless USDC transactions at point-of-sale systems through a simple tap of their iPhone.
While the initial focus is on USDC, the new feature will also support transactions involving other digital assets such as NFTs (Non-Fungible Tokens) and different stablecoins. This expansion aims to simplify crypto transactions and make them more accessible to everyday users.
The NFC contactless payment feature for USDC will be available in select countries, although it will not be available in the EU for now. This integration could also support loyalty programs that reward customers with crypto, providing additional incentives for users to adopt this new payment method.
