Regulation
Is Apple’s new Tap to Cash the killer of crypto payments?
Apple’s latest iOS 18 introduces Tap to Cash, a seamless way to transfer money using Apple Pay. This feature allows users to send money instantly by simply bringing their phones together.
However, as Tap to Cash gains traction, it could potentially eclipse the usefulness of cryptocurrencies for payments.
Is Apple Tap to Cash endangering crypto payments?
Crypto has been steadily earn global acceptance, with 6.8% of the world’s population owning cryptocurrencies. Despite its growth, its widespread adoption faces significant obstacles.
Chief among them is the lack of regulation, which makes crypto assets vulnerable to security the risks and volatility. Unlike traditional, regulated and protected financial institutions, cryptocurrencies operate in a decentralized environment. This lack of oversight can deter merchants and consumers.
Although the regulatory environment for cryptocurrencies is improving, it remains inconsistent. Countries like South Korea, Japan and Germany have established clear frameworks. However, many other countries, including the United States and India, have ambiguous guidelines. This inconsistency hinders the trust needed for broader adoption.
Learn more: Crypto regulation: what are the advantages and disadvantages?
Crypto adoption around the world. Source: Triple-A
Additionally, the user experience of encrypted payments is often seen as tedious. The inconvenience of managing multiple wallets stands in stark contrast to the ease of using debit cards or Apple’s Tap to Cash. Additionally, the scalability of blockchain networks lags behind that of traditional payment processors, limiting their ability to efficiently handle high transaction volumes.
Apple’s Tap to Cash leverages its existing ecosystem to provide a seamless and secure payment method. This might appeal to users who prioritize convenience and security. With Apple Pay’s improved support for rewards and event tickets, the platform becomes even more attractive.
Learn more: 7 Ways to Buy Bitcoin and Other Cryptocurrencies with Apple Pay
Until crypto can match the ease and security of traditional payment methods, it may struggle to compete with innovations like Apple’s Tap to Cash.
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