There’s been a lot of movement in the payment processing industry these last few months, especially in the payments software arena. Several tech companies are developing new software that high-risk merchant account processors can offer merchants. This benefits both merchants and consumers by making payment processing a lot easier.

In fact, there’s a silent race going on among these tech companies; this time, Amsterdam-based payments software provider Adyen has taken the lead against strong rival Stripe, as it officially launched the first tap-to-pay iPhone software. It means that if you have an iPhone, you don’t need an additional card to process payments.

What We Know About Tap to Pay on iPhone Software from Adyen

  • In February this year, Apple announced a new feature called Tap to Pay on iPhone that will enable business owners to use an iPhone and a partner-enabled app for transactions without additional hardware. Apple said that Stripe would be the first company to launch this service but they are still in the beta testing phase and the service is set to launch by next spring. 
  • It seems that Adyen has beat out Stripe on the deadline when it recently launched the tap-to-pay option on iPhone in partnership with NewStore and businesses like Burton and Vince. It’s also partnering with New Black to expand this service to more businesses like Scotch and Soda and G-Star. This payment option is also now available for retailers like Lightspeed, Fresha, and Nike.
  • Adyen’s tap-to-pay software doesn’t require any additional download because it automatically integrates with the phone’s existing software. The company has worked hard to launch this program right away to take advantage of a huge shift in shopping behavior because of the COVID-19 pandemic. Adyen’s CFO Ingo Uytdehaage explained: “In a pandemic, there is a moment where shoppers buy something online and the next moment stores open again and they see the shoppers in store, so how do you build this personal connection? Do you understand when shoppers are indeed in the store? Have you seen them online? I think these are the types of insights that retailers are looking for.”
  • This new tap-to-pay option will benefit businesses and make in-person payments faster and more convenient by eliminating the need for payment hardware. This allows a business to operate and process payments right away and makes it easier for customers to fulfill transactions safely since the software is governed by the same technology that protects data in Apple Pay.

Kamran Zaki, Adyen’s COO, said: “This new capability will change how consumers and businesses view mobile payments. Tap to Pay on iPhone is easy to use and leverages the built-in security features of the iPhone to keep your business and your customer data private and secure. We are proud to officially be live, enabling businesses to give customers more choice and flexibility.”

This new tap-to-pay software is definitely exciting news for iPhone users who want to take advantage of easier payment options and for businesses that want to give their customers the best experience.