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.

Other articles
The Global Expansion of Real-Time Payments: Latest Trends
Facit Bank Partners with Neonomics to Enhance Payment Processes through Open Banking
New Payment Tools from TreviPay Improve Fleet Management for Dealers
Financial Services Sector Calls for AI and ESG Regulations to Unlock Full Potential
36% of Gen Z Prefer FinTechs Over Banks for Online Payments
Klarna Expands Buy Now, Pay Later Services to Physical Stores Through Adyen Partnership
Mastercard Improves Artificial Intelligence Tools to Combat Payment Fraud
Cross River and Forward Partner to Revolutionize Embedded Payments for SaaS Firms
Payment Rails on the Open Road: Why Boosting In-Car Payments Requires Security
The Critical Role of AI in the Growth of Compliance Management for FinTech
U.S. Fintech: The Current State of Play
Thredd Highlights Microservices to Boost FinTech Scalability in Payments
BNPL: A New Path to Building Credit
AI Adoption Among Finance Teams Grows Rapidly, Says Gartner
The Transformation of Financial Services through Hyper-Personalization by GenAI