Cryptocurrency stablecoin issuer Circle has added Apple Pay support.
Apple has over 1.8B active devices around the world.
The support enables traditional firms to experience the benefits of cryptocurrency settlement.
However, cryptocurrencies and stablecoins have piqued the interest of some tech titans. As a result, major technology companies have begun to accept stablecoin & crypto payments on their platforms.
In line with this, Google announced a partnership with Coinbase in October to enable users to pay for cloud services in "certain" cryptocurrencies. And now Circle, the stablecoin issuer, announced that merchants who accept Circle's USDC stablecoin can now pay using Apple Pay.
As per Apple's Q1 2022 earnings call, the company has approximately 1.8 billion active devices worldwide. Also, Apple Pay is the second most used digital wallet in the world, trailing only Google Pay.
This endeavor will boost crypto and stablecoin adoption among the general public. As per a recent survey by Deloitte:
“More than 85% of US merchants place a high or very high priority on supporting cryptocurrency payments because of the growing interest in digital solutions among Gen Z. For stablecoins, roughly 83% are doing the same.”
Although the poll only included US stores, one thing is certain: retailers across the world are willing to accept cryptocurrency and stablecoin payments. Does this imply that stablecoin adoption as a payment method has a promising future?
Future of Stablecoin Payments
Stablecoins have the potential to stimulate payment system expansion and innovation, enabling faster and less expensive transactions. Furthermore, since stablecoins can be used to move funds near-instantaneously peer-to-peer across digital wallets for very negligible charges, they may eliminate payment barriers and put pressure on existing payment systems to deliver better services.
Stablecoins may also help to make the financial system more accessible by supporting the advent of DeFi, which is projected to require stablecoins as a mandatory component.
This application indicates that in the near future, we may witness a significant increase in the adoption of stablecoin as a payment mechanism.
Despite their rising concerns, major companies remain hopeful about the benefits of allowing cryptocurrency and stablecoin payments. The companies believe that this change will improve the customer experience and expand their customer base.
What do you think about the future of crypto & stablecoin payments? Share your views in the comment section below.