Apple Allows USDC Tap to Pay on iPhones But Their Is Catch
Apple has announced that it will allow third-party apps to use the NFC (Near Field Communication) feature on iPhones. This change means that other apps, not just Apple’s, can now use the iPhone’s NFC chip for payments. This is a big move for Apple and for companies that want to offer new ways to pay using iPhones.
One of the most exciting things about this update is that it allows apps to support USDC (USD Coin) payments. USDC is a type of stablecoin digital asset, which is a digital form of US dollar money.
With this new update, people can now use certain apps on their iPhones to tap and pay with USDC stablecoin at stores, just like they would with Apple Pay.
This move by Apple is seen as a way to give users more choices for how they make digital payments. It also opens the door for more companies to create new apps and services that can use the NFC feature. Before this, Apple limited the use of NFC payments to its own apps, like Apple Pay.
Now, companies that create payment apps, such as those using cryptocurrencies, can make their apps work on iPhones. This is expected to bring more innovation and competition in the payment market, especially in the growing field of digital currencies.
The change is also significant for the USDC community, as it allows more people to use this cryptocurrency in everyday transactions. This could make it easier for cryptocurrencies to become more widely accepted and used by the general public.
Apple vs Crypto NFTs
Apple charges a 30% fee on NFT (Non-Fungible Token) transactions made through apps in its App Store. This fee applies to any in-app purchases, including NFTs.
Many crypto leaders in the crypto community have criticised this fee system, saying it’s too high and could discourage NFT trading on iPhone smartphones.
Despite the criticism, Apple has maintained this policy, arguing that it is in line with fees for other types of digital goods sold through the App Store.
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