Apple (AAPL) has strengthened its footprint in the contactless payments space with the unveiling of “Tap to Pay” on iPhones. The new feature will allow merchants across the U.S. to accept contactless payments with the tap of an iPhone.
Apple is a U.S.-based company that designs, manufactures, and sells personal computers, smartphones, tablets, and other wearables. It also offers an array of related services.
Tap to Pay
With Tap to pay, merchants will not need additional hardware or a payment terminal to accept payments from Apple Pay, credit and debit cards, or other digital wallets. Apple says that merchants will simply have to prompt their customers to hold their iPhones or Apple Watches close to merchants’ iPhones to complete payments using Near Field Communication technology.
Developers will need to integrate the new feature into their iOS apps to allow merchants to accept seamless payments. Apple has enhanced the security and privacy of the new payment system to allow businesses to unlock new checkout experiences. The tech giant affirms that customers’ data will be protected at all times with the same technology that makes Apple Pay private and secure.
Analysts’ Take
Wedbush analyst Daniel Ives yesterday maintained a Buy rating on Apple stock with a price target of $200. Ives’s price target suggests 14.40% upside potential.
Consensus among analysts is a Strong Buy based on 24 Buys and 5 Holds. The average Apple price target of $192.18 implies 9.92% upside potential to current levels.
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