Apple is expanding its Tap to Pay feature to the UK to allow businesses and merchants across the nation to accept contactless payments using only their iPhones. The feature was launched in the US last year followed by the expansion in Taiwan and Australia.
Similar to these regions, merchants in the country will be able to get consumer payments without the need for additional hardware as it uses NFC. If customers have an iPhone XS or later, they are able to use contactless payments as an option. As a part of this announcement, it was noted the Tyl by NatWest and Revolut are the first payment platforms that will be allowing their customers to use the new Tap to Pay technology.
UK Contactless Pay Expansions
Apple Tap to Pay Lets iPhone Users Pay Seamlessly in the UK
Trend Themes
1. Contactless Payment Expansion - The expansion of Apple's Tap to Pay feature in the UK presents a disruptive innovation opportunity for businesses to accept contactless payments using iPhones.
2. Nfc-based Transactions - The use of NFC technology for contactless payments on iPhone XS and later models opens up opportunities for businesses to provide seamless payment experiences.
3. Mobile Payment Adoption - The adoption of Tap to Pay technology by payment platforms like Tyl by NatWest and Revolut indicates a growing trend towards mobile payment solutions in the UK.
Industry Implications
1. Retail - The expansion of contactless payment options using iPhones in the UK presents disruptive innovation opportunities for retailers to enhance the checkout process and increase customer convenience.
2. Finance - The integration of Tap to Pay technology by payment platforms like Tyl by NatWest and Revolut presents disruptive innovation opportunities for the finance industry to leverage mobile payment solutions and attract tech-savvy customers.
3. Technology - The expansion of NFC-based transactions in the UK creates disruptive innovation opportunities for technology companies to develop innovative payment solutions and enhance user experiences.