During Apple's annual WWDC event, Apple announced a handful of new software updates — and one feature became a fan-favorite across the crypto community: Tap to Pay.
Tap to Pay
Apple had launched Apple Cash a few years ago where iPhone users were able to send money to each other via iMessage, supported by one of the biggest payment blockchains: Ripple. But most people still preferred to use third-party apps for settling — Venmo, Cash App, Zelle etc.
What exactly is this new feature? Two users can tap their phones together for funds to flow from one phone to another. In the background, the payments are being settled on the Interleger blockchain infrastructure of Ripple Blockchain.
Benefits
Payments settle in real time. That means you no longer have to wait for the classic "1-3 business days" for funds to reach your account. They happen in seconds.
Apple cut their settlement costs by 100-1000x. Each settlement typically costs a few cents or less on the Ripple blockchain, compared to $1-5 per ACH transaction.
And critically — the users don't need to interface with or know how to use blockchain at all. The user experience is completely Apple-focused.