The iPhone transforms in a POS for payments. Apple's "Tap to Pay" service is also available in Italy, which allows traders and freelancers to accept contactless payments simply using your iPhone. An innovation that represents a significant opportunity for small businesses and VAT numbers, offering aalternative economical and practical to traditional Pos terminals (from the English “Point Of Sale”). Tap to Pay was already present in the USA, France, the United Kingdom and seven other countries.
Apple: how Tap to Pay works
Tap to Pay lets you turn an iPhone into a device for accepting electronic payments without the need for additional hardware. Service takes advantage of the integrated NFC reader in iPhone models (starting from the XS model), allowing you to receive payments from credit, debit, prepaid cards and digital wallets such as Apple Pay and Android Pay. This does not apply to iPads already used as checkouts in many venues because they are not compatible with Tap to Pay.
To use Tap to Pay, the merchant must download the app of your payment service provider. To date, platforms supporting Tap to Pay in Italy include Adyen, myPOS, Nexi, Revolut, Stripe, SumUp and Viva, with more on the way such as Fabrick, Numia and Sella. This makes the service accessible to a wide range of merchants, from small businesses to large retailers.
Le cards accepted for Tap to Pay on iPhone are contactless, without the need for accessories to physically read the chip. No other tools are needed for contactless payments. Supported credit cards include practically all major circuits, such as American Express, Mastercard, Visa, and Diners, while the acceptance of debit and rechargeable cards depends on the individual issuing banks.
Advantages for traders
Eliminating the need for a dedicated POS terminal is a significant savings, especially for small traders and freelancers. Generally, to have a functioning POS, a merchant or freelancer must sign a contract with a service provider and hardware, usually your bank.
With this service, Apple eliminates the need for a physical POS by requiring only a compatible iPhone. Furthermore, the Cupertino company does not charge additional commissions on transactions, making the service even more convenient.
Pay attention to privacy and security
Security is a priority for Apple. Tap to Pay is designed for protect personal information of users. Transaction data, including credit and debit card numbers, is encrypted and protected from the Secure Element of iPhones, which prevents unauthorized access. Apple does not store transaction details either on devices or on its servers, thus ensuring maximum privacy for both merchants and customers.
New payment opportunities
The introduction of Tap to Pay opens new opportunities for different types of traders. In large stores, staff can use the iPhone to complete transactions anywhere within the store, eliminating the need for fixed checkout points. For pop-up stores and pop-up markets, Tap to Pay offers a flexible and portable solution for accepting payments securely and quickly.
Another sector that could benefit enormously from this technology is that of VAT numbers. While many B2B professionals primarily use bank transfers, having the ability to accept contactless payments can be a competitive advantage. With Tap to Pay, just download an app and set up the service to be up and running in minutes.
“Over 4,3 million small and medium-sized companies in Italy have long played a fundamental role in the country's economy and, together with payment platforms, developers of apps and payment networks, we're making it easier than ever for Italian businesses of all sizes accept contactless payments and continue to grow its business” he commented Jennifer Bailey, vice president of Apple Pay and Apple Wallet.
