Circle, the issuer of second-largest stablecoin, has now added support for Apple Pay. The announcement made by the stablecoin issuer said that eligible businesses looking to build with Circle can now accept payments via Apple Pay. The move will help boost the sales of such businesses.
The introduction of the Apple Pay option intends to bring traditional and crypto payments systems closer, thus boosting business for all.
The Circle blog, where the announcement was made, says that Apple Pay was chosen because making payments through it is a “safer and faster” than other options. With Apple’s Safari web browser and in apps, users don’t have to put up with the lengthy process involved in creating an account. And the new option for eligible businesses, which will rely on Apple’s FaceID or TouchIDs, is expected to also let customers check out faster.
The integration, the blog post argues, will benefit traditional businesses by allowing many more of them to shift from retail to digital payments. Crypto-native businesses can use the option to rope in customers who are keen on using traditional payment options. It even enables the buying of crypto with Apple Pay on their preferred exchanges.
Crypto-focused establishments like NFT marketplaces, crypto gaming, crypto wallets, crypto exchanges, and cross-border remittance providers all stand to benefit from the development.
“Traditional businesses can also take advantage of this enhancement to shift more retail payments to digital currency and experience the benefits of USDC settlement”, the blog adds.
As part of its mission to bring traditional and digital-native payments closer, Circle announced in September this year that its additional merchant services would allow vendors to accept crypto payments, starting with the likes of Ethereum (ETH) and Bitcoin (BTC).
Developments such as these recent ones are likely to lend some much-needed confidence to investors amidst the FTX chaos. Circle has denied exposure to FTT so far.
The Apple Pay integration will also help boost the adoption of stablecoins among existing Apple users. Circle has recently started investing in a Circle Reserve Fund managed by BlackRock in an effort to minimize risks associated with stablecoins. The move helps guarantee that USDC holders can redeem their coins at any point.