JP Morgan Introduces Tap to Pay for iPhone, Starting with Sephora
JP Morgan has announced the introduction of Apple’s Tap to Pay feature for its US merchant clients, marking a significant step in enhancing in-person contactless payments, as stated by Finextra News. The initial adopter of this technology is the renowned beauty retailer, Sephora.
This innovation, Tap to Pay on iPhone, empowers merchants to effortlessly accept contactless payments in person, by simply tapping payment cards or mobile wallets, eliminating the need for additional hardware or terminals.
Apple’s journey to develop this functionality traces back to approximately 2020, when it acquired Canadian startup Mobeewave for $100 million. This strategic move paved the way for the creation of Tap to Pay on iPhone.
Takis Georgakopoulos, the Global Head of Payments at JP Morgan, highlighted the customer-centric ethos behind this advancement. He stated, «Enhancing the ability for consumers to pay with their preferred method of payment is part of our broader, customer-centric approach to simplify omnichannel payment acceptance for our merchant clients.»
JP Morgan’s groundbreaking initiative will gradually roll out this technology to its extensive network of clients, including small and medium-sized enterprises, within the upcoming year. Max Neukirchen, the Global Head of Payments and Commerce Solutions at JP Morgan Payments, underscored the convenience this solution offers. He explained, «This solution means our merchants don’t need to worry about certain pain-points like card reader Bluetooth connectivity, terminal power charging or manually entering card information.»
The collaboration between JP Morgan and Apple marks a significant stride in revolutionizing payment methods, streamlining transactions, and ushering in a new era of seamless payment experiences for merchants and consumers alike. As the program unfolds, more retailers are expected to embrace this innovative Tap to Pay technology, ultimately shaping the future of payment convenience.