Circle will soon enable NFC contactless payments for USDC on iPhone, CEO says

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Circle is set to offer NFC contactless transactions for USDC payments on the iPhone, the company’s CEO Jeremy Allaire said in a recent statement.

The upcoming feature will make use of Apple’s latest decision to allow third-party developers to use the iPhone’s Near Field Communication (NFC) chip and Secure Element (SE) technology. Apple will charge fees for using its technology.

Allaire said that previously, NFC features were limited to the Apple Wallet app and Apple Pay. The new policy would allow point-of-sale systems to interact directly with blockchain-enabled iPhone wallets, facilitating seamless USDC transactions.

For example, an iOS wallet that supports USDC could allow users to send funds to NFC-enabled devices, such as payment terminals or other iPhones, with a single tap.

The new functionality will not be limited to USDC, but will also extend to other digital assets such as non-fungible tokens (NFTs) and various stablecoins such as EURC, Allaire added.

Last month, Circle became the first MiCA-licensed global stablecoin issuer in Europe, allowing it to issue USDC and EURC. However, it is important to note that Apple’s new APIs for NFC and SE will be released in Australia, Brazil, Canada, Japan, New Zealand, the US and the UK, but not yet in the EU.

NFC technology in crypto settings

NFC technology is widely used in mobile payment systems because it allows users to make quick transactions with a simple touch. Integrating technology into the crypto ecosystem can also provide multiple benefits.

NFC-enabled crypto wallets will allow users to quickly send and receive crypto without the need for complex QR codes or long addresses.

Businesses can also use NFC to create loyalty programs that reward customers with crypto for purchases. Customers can tap their NFC-enabled devices at checkout to earn tokens, which can later be redeemed for discounts or other benefits.

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