Circle will soon enable NFC contactless payments for USDC on iPhones, says CEO

Source: Crypto Briefing

Circle is set to offer NFC contactless transactions for USDC payments on iPhones, said the company’s CEO Jeremy Allaire in a recent statement.

The upcoming feature will leverage Apple’s latest decision to let third-party developers use the iPhone’s near-field communication (NFC) chip and Secure Element (SE) technology. Apple will charge fees for using its technology.

Allaire said that previously, NFC features were limited to Apple’s Wallet app and Apple Pay. The new policy would enable point-of-sale systems to interact directly with blockchain-enabled iPhone wallets, facilitating seamless USDC transactions.

For instance, an iOS wallet supporting USDC could enable users to send funds to NFC-enabled devices like payment terminals or other iPhones with a single touch.

The new functionality will not be limited to USDC but will also extend to other digital assets like non-fungible tokens (NFTs) and different stablecoins such as EURC, Allaire added.

Last month, Circle became the first global stablecoin issuer licensed under Europe’s MiCA, enabling it to issue USDC and EURC. However, it’s important to note that Apple’s new APIs for NFC and SE will be rolled out in Australia, Brazil, Canada, Japan, New Zealand, the US, and the UK, but not in the EU yet.

NFC technology in crypto settings

NFC technology is widely used in mobile payment systems as it allows users to make quick transactions with a simple tap. Integration of technology into the crypto ecosystem can also provide multiple benefits.

NFC-enabled crypto wallets will allow users to swiftly send and receive crypto without needing complex QR codes or lengthy addresses.

Businesses can also leverage NFC to create loyalty programs that reward customers with crypto for purchases. Customers can tap their NFC-enabled devices at checkout to earn tokens, which can later be redeemed for discounts or other benefits.

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Author: Vivian Nguyen