Apple announces 'Tap to Pay', lets users take payments on iPhone

Following the recent rumors of iPhones being made to accept credit and debit cards, Apple has formally announced the forthcoming "Tap to Pay" feature.

"As more and more consumers are tapping to pay with digital wallets and credit cards," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, "Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone."

"In collaboration with payment platforms, app developers, and payment networks," she continued, "we're making it easier than ever for businesses of all sizes - from solopreneurs to large retailers - to seamlessly accept contactless payments and continue to grow their business."

Tap to Pay will not require any additional hardware, such as a separate payment terminal. It will instead be made available for app developers to integrate into their iOS apps.

Apple says only that Tap to Pay will begin "later this year," and that it is initially limited to US merchants.

The company is working first with Stripe to create a new payment app for that company's services.

"Whether you're a salesperson at an internet-first retailer or an individual entrepreneur, you can soon accept contactless payments on a device that's already in your pocket: your iPhone," said Billy Alvarado, Stripe's chief business officer.

"With Tap to Pay on iPhone," he continued, "millions of businesses using Stripe can enhance their in-person commerce experience by offering their customers a fast and secure checkout."