Apple (NASDAQ:AAPL) has expanded its Tap to Pay service by offering the product in the UK. The first two platforms offering the service are Revolut and Tyl by NatWest. Revolut is a top Fintech providing banking services in the UK and around the world. Tyl is a contactless payments service.
Apple says that Adyen, Dojo, myPOS, Stripe, SumUp, Viva Wallet, Worldline, and Zettle by PayPal are all coming soon. Tap to Pay on iPhone will also roll out to Apple Store locations in the country in the next few weeks.
Tap to Pay is a service that allows contactless payments without any additional hardware beyond an iPhone. Transactions are similar to Apple’s current digital payment process – a customer just holds an iPhone near the merchant’s iPhone, and a transaction can be completed in seconds using NFC technology.
Apple states that its Apple Pay service is currently accepted in 99% of UK retailers.
Apple, also heavy on privacy, adds that all transactions are encrypted, so Apple does not know what is being purchased and by whom.
Alex Codina, Revolut’s general manager of Merchant Acquiring, said they are excited to be one of the first to bring the service to businesses in the UK.
“Our goal is to give our customers products and services that allow them to accept payments in a secure and convenient manner. With Tap to Pay on iPhone, we expect to see all kinds of businesses — from freelancers and sole traders to retail shops and barbershops, food stands, and more — quickly start accepting contactless payments with only an iPhone.”
Apple’s VP of Apple Pay and Apple Wallet Jennifer Bailey, said they are transforming the checkout experience for many merchants. Bailey said that SMEs play an important role in the UK and they are making it easier than ever to accept contactless payments.
Tap to Pay was announced in 2022 and is part of Apple’s Fintech strategy which continues to grow in the US as well as in other countries. Recently, Apple enabled a savings feature as part of its Apple Card in partnership with Goldman Sachs (Marcus). Chatter indicates that Goldman does not feel they are making enough money off of the relationship with Apple as customers tend to pay off their card balances immediately.
