Apple’s recent announcement to allow third party developers in the European Union (EU) and select other regions to access the NFC technology on iPhone through an upcoming beta build of iOS 18.1 has sent ripples through the tech industry. This move by Apple, which currently restricts NFC technology to Apple Pay and Apple Wallet, is seen as a potential game changer for crypto firms and could open up new opportunities for Web3 wallet services.
Jeremy Allaire, Co-Founder and CEO of Circle, a firm that issues the USDC stablecoin pegged to the US dollar, encouraged wallet developers to start working on support for Apple’s NFC payments technology following Apple’s recent announcement. With USDC’s market capitalisation at $34.6 billion and over 34 million tokens in circulation, Allaire hinted at the possibility of tap-to-pay functionality using USDC on iPhones in the near future.
The response from crypto enthusiasts to the news of Apple opening up access to NFC technology for third party developers has been overwhelmingly positive. Many are predicting that this move could lead to a surge in crypto-based payments on the iPhone. By enabling tap-to-pay functionality on Web3 wallet and crypto wallet apps, Apple’s decision is seen as a significant step towards mainstream adoption of cryptocurrency for everyday transactions.
Cryptos Consultancy CEO, Ali Jamal, described Apple’s move to provide NFC functionality to third-party apps as a game-changing decision that could revolutionize the landscape of crypto payments. Jamal highlighted the potential for leveraging high-performance blockchains like Solana and Avalanche for seamless, low-fee transactions, making crypto payments as accessible and accepted as traditional payment methods.
Criticism Faced by Apple in the Past
Apple has faced criticism in the past for its restrictive App Store policies, particularly from crypto-related app makers. The tech giant has been accused of unfair practices regarding crypto payments and peer-to-peer payment services within the Apple Pay ecosystem. Previous lawsuits and criticisms from Bitcoin wallet providers have highlighted the challenges faced by developers trying to navigate Apple’s policies around third-party payment methods.
Uncertainty Surrounding Crypto-related Apps and NFC Access
Despite the positive implications of Apple’s decision to open up NFC technology on the iPhone, there remains uncertainty about whether crypto-related apps will be granted access to this functionality. With the upcoming iOS 18.1 beta set to provide access to the NFC and SE APIs to developers in various regions, including Australia, Brazil, Canada, Japan, New Zealand, the UK, and the US, questions linger about the specifics of Apple’s approach to crypto payments.
Apple’s decision to expand access to NFC technology on the iPhone to third party developers signifies a significant shift in the tech industry. This move has the potential to unlock new opportunities for crypto payments and could streamline the adoption of cryptocurrency for mainstream users. However, with challenges and uncertainties still looming, the true impact of this decision remains to be seen in the coming months.
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