Apple Pay & Bitcoin were made for each other…they just don’t know it yet
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Content from this post was made possible with contributors from the ZapChain Bitcoin Network.
This week Apple released Apple Pay. A game changing payment system that is about to shake up the entire payment space. What’s less clear are the ways Bitcoin will benefit. Apple Pay introduces three major features for Bitcoin.
- Bitcoin payments are now easier than traditional credit cards
- An App store for bitcoin
- Apple Grade Security
1. Paying with bitcoin is easier than a traditional credit card
With Apple Pay, all payments can be done with a tap of the phone. Thanks to Apple’s massive distribution and merchant partnerships, Apple has paved the way for Bitcoin wallet providers to seamlessly integrate behind the scenes. You will be able to pay with Bitcoin everywhere Apple Pay is accepted.
One could argue Apple’s biggest competitive advantage is its proven ability to change consumer habits. Right now our habit is to reach for and swipe a plastic card. Apple Pay is well positioned to break this habit. As consumers change their habits to transact digitally, paying with bitcoin becomes just as easy.
2. An App store for Bitcoin
Just like location-based apps spawned the creation of Uber and Lyft, so too will Apple Pay enable new behemoth apps never before possible.
My predictions:
- Coinbase Wallet App integrated with Apple Pay. Seamless bitcoin payments through Coinbase.
- Venmo but through Apple Pay (Think iMessaging money to friends).
- One click e-commerce checkouts on mobile. Pre-filled with your Apple ID shipping address.
- Possible international remittance using bitcoin. Forget Western Union.
This is a payment app developer’s playground. If you’re a financial pseudo-nerd or bitcoin enthusiast like me you should be ecstatic about the future of digital money.
3. Apple Grade Security
With Apple bringing everything in house, they are setting a standard for payment security. Bitcoin apps will greatly benefit from this as security is a big problem in bitcoin. Imagine your private key encoded in your fingerprint and activated with Touch ID. With Apple technology and encryption securing the financial data on the phone users will be protected from breaches like the one at Target.
Bitcoin apps will leverage this security. Getting a bitcoin app approved in the app store with Apple Pay will be a signal of trust. For the few iOS Bitcoin apps that exist today, trusting them with your bitcoin is still very risky. Apple Pay integration will be huge for bitcoin app security.
Apple Pay will be the catalyst to massive consumer adoption of digital and mobile payments. As Apple paves the way, Bitcoin will be right there riding on its coat tails.
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