Apple’s new NFC update opens doors for smart payment solutions

Apple opens iPhone NFC to third-party apps, paving the way for smart payment solutions like SoftNote Pay to transform crypto transactions.

Historically, Apple has restricted its NFC chips to Apple Pay. However, it’s no secret that Apple Pay is inconvenient. With only credit and debit card payments for select banks in a few countries and regions, Apple Pay has always faced criticism from its users. And though security has been cited as a major concern, many believe that this may not be the sole reason. The real motivation behind this restriction could be financial since Apple earns a commission on every Apple Pay transaction. 

However, change appears to be on the horizon. Apple has just released a statement announcing the unlocking of iPhone NFC chips for third-party apps globally. Let’s take a look at why Apple is taking this monumental decision and how users can benefit from this upgrade.

Apple’s regulatory hurdles in Europe

Earlier this year, the EU’s regulatory pressures forced Apple to alter its policies in Europe. Apple was compelled to open its NFC capabilities to selected developers, allowing them to include alternative payment methods. 

These changes were meant to address concerns in a four-year old antitrust investigation conducted by the European Commision. The commission had accused Apple of using its policies to restrict competition in the market. This was considered as a direct violation of EU law. 

Apple responded by offering commitments to provide third-party developers in the European Economic Area with an option that will enable their users to make NFC contactless payments from within their iOS apps, separate from Apple Pay and Apple Wallet.

And now, through Apple’s recent press release published on August 14, the tech giant has announced that it is broadening access to other markets, as well. What this means is that iPhone users in Australia, Brazil, Canada, Japan, New Zealand, UK and US can set a third-party app as their default payment method instead of Apple Pay. This is huge because it opens up a range of options for developers and users. 

Apple opens door to iPhone NFC

Developers will now be able to offer NFC contactless transactions using the Secure Element from within their own apps on iPhone. This will be separate from Apple Pay and Apple Wallet, and will become available with iOS 18.1 update.

Using the new NFC, developers will be able to provide in-app contactless transactions for in-store payments, car keys, closed-loop transit, corporate badges, student IDs, home keys, hotel keys, merchant loyalty and rewards cards, and event tickets.

Apple assures its users that security and privacy is its biggest priority and that this new provision will help developers with a secure way to offer NFC contactless transactions from within their iOS apps. Apple states that the NFC and SE APIs leverage the Secure Element, which is an industry-standard, certified chip designed to store sensitive information securely on devices.

However, to integrate this option in iPhone apps, developers will need to enter into a commercial agreement with Apple. They will need to request the NFC and SE entitlement, and pay the associated fees. 

SoftNote Pay: The future of transactions

This is the perfect opportunity to get acquainted with SoftNote Wallet, a groundbreaking crypto app developed by CrispMind, aimed to hit the market on September 1, 2024. The SoftNote Wallet revolutionizes Bitcoin and cryptocurrency transactions by harnessing the power of the Tectum Layer 1 Blockchain—the world’s fastest, capable of processing 3.5 million transactions per second. 

With SoftNote Wallet, users can enjoy instant, secure, and anonymous crypto payments without any transaction fees, addressing the inefficiencies of the Lightning Network and other blockchain technologies.

Moreover, with Apple’s upcoming NFC feature on the iPhone, users will soon be able to add SoftNote Pay functionality to their phones, making tap-and-pay crypto transactions seamless and more accessible than ever. CrispMind is setting a new standard in decentralized finance, bringing unparalleled performance and convenience to the digital economy.

There are several reasons users should consider SoftNote Pay, with the major factor being its global availability. Unlike many competitors, SoftNote Pay will be accessible to users worldwide, regardless of location. This feature makes it a truly universal payment solution. Its global reach will ensure that anyone, anywhere, can benefit from its services without restrictions or limitations.

Another reason for SoftNote Pay’s appeal is its low transaction fees. Users won’t have to pay more than $1 in transaction fees, which is significantly lower compared to other payment apps. Some competitors in the space are known to charge a large percentage of the transaction value or impose exorbitant fixed fees.

The transaction speed of the native Tectum blockchain, which powers the SoftNote Wallet, is a key advantage. Capable of handling up to 3.5 million transactions per second, it guarantees users a seamless and delay-free experience.

SoftNote Wallet currently supports Bitcoin, Ethereum, Tether USD, and other major cryptocurrencies, with plans for Solana and additional tokens on the Solana blockchain to be integrated soon. The SoftNote Wallet is already accessible through a web interface, and the mobile app is set to launch by the end of September 2024.

Adding to these existing benefits, business owners can integrate SoftNotes as a payment option for swift and low-cost global payment processing. Merchants will only pay 0.1% in commission. 

In conclusion, Apple’s decision to open up its NFC feature to third-party developers is a significant move that could lead to more payment options for users and new opportunities for developers. Payment options such as SoftNote Pay could be the way forward for iPhone users and crypto enthusiasts.

For more information about SoftNote Wallet, visit the official website and socials. 

Social links:

• Facebook: Tectum.io
• Twitter: @tectumsocial
• Telegram: Tectum Global
• Website: Tectum
• YouTube: Tectum Official

Media details:

• Company Name: Crispmind
• Location: House Of Francis, Room 303, Ile Du Port, Mahe, Seychelles
• Contact Person: Andrew Erikashvili, CMO
• Tectum Website URL: Tectum
• Softnote Website URL: SoftNote