The integration will make it easier for crypto-native businesses to receive payments without excluding customers that don’t use crypto.
USDC issuer Circle has announced a new integration with Apple Pay that allows its customers to pay and receive money in the stablecoin. The company announced this via a blog post. The partnership is expected to boost business sales and make payments quicker, easier, and more secure.
Per the announcement, eligible users will not need to fill out lengthy forms to use the service. Instead, they will be able to make payments with Apple Pay via Apple’s Safari browser or through apps available on iPhone, Apple Watch, iPad, and other supported devices.
Apple Pay Integration to Ease Payments
The integration will make it easier for crypto-native businesses to receive payments without excluding customers that don’t use crypto.
Specifically, Circle noted the integration will help NFT marketplaces, crypto gaming, crypto exchanges, crypto wallets and cross-border remittance providers grow their businesses. “Traditional businesses can also take advantage of this enhancement to shift more retail payments to digital currency,” it noted.
The integration with Apple Pay is the latest in a series of innovations announced at Converge22 to unify the world of digital and traditional finance. Circle partnered with MoneyGram, Stripe, Worldpay, and Checkout.com. It also announced additional payment integrations to allow merchants to pay with Ethereum (ETH) and Bitcoin (BTC) and improve the payment experience.
FTX Bankruptcy Will Hurt Circle Projections
Meanwhile, Circle has announced that its performance will be lower than its earlier projections in February due to the collapse of FTX. The firm admitted it had a $10.6 million investment in the FTX group at the point of its collapse. It made this revelation after it filed an S-4 to the SEC.
According to the company spokesperson, the firm filed the S4 to finalize its registration with Concord Acquisition Group. It also minimized the impact of FTX on the firm. In the interim, Circle has announced its plans to stop all transactions with FTX.
The firm is also in the process of evaluating the impact of the bankruptcy on future services to FTX and any other indirect impact on the FTX group. As of Tuesday, USDC had a market capitalization of $44.5 billion, making it the second-largest stablecoin and the fifth-largest cryptocurrency by market cap.
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