Fintech Nexus Newsletter (June 11, 2024): Apple introduces Tap to Cash for iPhone to iPhone payments

Yesterday, Apple held its annual Worldwide Developers Conference (WWDC), during which it made several interesting announcements.

The most relevant to fintech is the new “Tap to Cash” feature that will be built into iOS18. As it sounds, this will allow users to send and receive Apple Cash simply by holding two iPhones together.

There were also more updates to Apple Wallet, including the ability to redeem rewards and manage installments through cards loaded into the wallet.

Of course, yesterday’s big announcement was about Apple Intelligence, a new suite of AI products that will be integrated directly into Siri. 

Simon Taylor muses about what might happen if we combine Tap to Cash, Apple Intelligence and open banking.

Fintech is about to get more interesting…

> Tap to Cash lets you pay by touching iPhones

By Brian Heater  

Apple’s WWDC 2024 keynote was packed, including a number of key new updates for iOS 18. One of the more interesting additions is Tap to Cash, which is more or less what it sounds like, letting users pay for things by tapping together a pair of iPhones.

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Small business data is more plentiful now than ever before and tech tools are evolving to help fintech lenders meet the challenge.


Jane Larimer_President & CEO_NachaJane Larimer_President & CEO_Nacha

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The largest payments network in the US is the ACH network. It is probably the most important fintech infrastructure ever…

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Also Making News

  • USA: Affirm buy now, pay later loans will be embedded into Apple Pay later this year
    Affirm will surface as an option for U.S. Apple Pay users on iPhones and iPads later this year.
  • USA: Pipe Aims $100 Million at Embedding Working Capital Solutions Into Business Software
    The most valuable solution is the one that is there when you need it. And for America’s millions of small and medium-sized businesses (SMBs), they mostly share one common problem: access to capital.
  • USA: PayPal hires high-ranking marketing gurus to delve into payments data
    PayPal has brought on expert pitchmen from Uber and Plaid to build an advertising platform for merchants. Its rivals are on a similar path.
  • Europe: Mastercard targets 100% e-commerce tokenisation in Europe
    Mastercard has set itself a target of hitting 100% e-commerce tokenisation in Europe by 2030, phasing out manual card entry and making online shopping safer and more accessible.
  • Global: Branding 101: How Klarna translates its branding principles into product and UX design
    In the financial services industry where standing out is much harder due to the many competitors and the strict regulators, branding is in a double bind: it should be recognizable and responsible at the same time.  One of the best examples of pushing the envelope in this industry comes from Klarna.
  • Europe: Crypto Exchange Secures Spot on Ireland’s Virtual Assets Service Provider Register
    The company has also received approval in Dubai, U.K., the Netherlands and Spain.

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