Verestro has developed an iOS NFC solution that is already in the friends & family production testing phase. This development comes after the European Commission approved legally enforceable commitments from Apple in July 2024, opening its mobile payments system to competitors.
Apple now grants free access to the iPhone's NFC capabilities for third-party mobile wallets, enabling users to designate alternative payment applications as their default choice.
Consequently, consumers will now have the opportunity to select their preferred payment solution on the iPhone for the first time.
If you're interested in quickly launching iOS NFC payments, contact Verestro!
All right, FinTech fans, buckle up. Today we're diving deep into something. Pretty huge. Yeah.
iPhone NFC. It's been a hot topic since the EU ruling, you know, open things up for third party developers. Huge. And things are moving fast.
So we wanted to bring you an expert to break it all down. Remember, when Apple Pay was the only game in town on iPhones, yeah, well, not anymore. It's changed. We've got an expert here today from Verestro, the one of the first companies out there, right? Actually helping FinTechs, just like you, launch NFC features on iOS.
It's brand new territory. Welcome. Thank you for having me. So tell us, what does Verestro's solution actually do? We really wanted to provide a solution that allowed FinTechs to really quickly and easily integrate NFC payments directly into their iOS apps.
As you said, this is brand new territory. We're one of the first to kind of crack this open and-- Yeah, and that's what we want to dig into today. Because that speed to market was a huge advantage for our listeners. I mean, think about it.
You could be offering this to your users before most people even know it's possible. That's right. So let's walk through the mechanics a little bit. Sure.
For those who aren't already deep in the weeds on NFC, how does this actually work? Yeah, so from a user experience, your users would open your app, tap their phone to the terminal, just like they're used to with Apple Pay, and the payment goes through. So the basic flow is pretty familiar. It is. Which is great.
But what about setting a default payment option on the iPhone? So that's where things get really exciting. Users can choose your app as their default for contactless payments. So they don't even have to open the app. And that unlocks some really cool features as well.
Field detect and double click. OK, so break those down for me. What does Field detect? To field detect, the phone will automatically sense when it's near an NFC terminal. And it'll kind of wake up.
Ooh, prepare for a payment. I see. So the user can just walk up to the register. Phone gives a little buzz.
So it's kind of like-- They're ready to go. Knows what to do. Yeah. OK, cool.
And double click. Double click is all about speed and convenience. Users double click the side button or the home button on older models. And they can immediately make a payment without even opening your app.
So it sounds like there's. - There are multiple ways to initiate a payment. Exactly. So even if my app isn't the default. - Right. - But it's open.
Yeah. --it can still handle it. Exactly. If your app is in the foreground, it can take priority and process that payment.
That makes sense. Now, the elephant in the room, Apple Pay. - Sure. - How does this new functionality stack up? It's a good question. The core functionality is very similar.
But there are a couple of key differences to keep in mind. OK. Apple Pay has a power reserve mode, which allows for limited payments even after the phone's battery dies, which is a pretty cool feature. And it's something that we're looking at for potential future development.
Apple Pay also has expressed transit mode in some cities, which allows for quick public transport payments without unlocking the phone. Again, this is something on a road map, but not available just yet. Got it. So some advantages for Apple Pay in those kind of edge cases? Exactly.
But honestly, for everyday use. - Yeah. Sounds like the experience you're enabling is pretty much on par. Yeah, we think so. That's huge.
And this is just the beginning. We're committed to continuously improving and adding features as this technology evolves. Plus, our solution works seamlessly across all Android phones, too. Which is important.
All right, so for our listeners. - Yeah. - Who are ready to jump on this? Yeah. How does Verestro help them get this up and running? So we handle the heavy listing for you. We can help with things like setting up tokenization projects, integrating with systems like MDS and VTS, which are the systems that handle secure payment data.
We can also integrate with existing issuer while it's our SDKs. So whatever your setup is, we make that integration process as straightforward as possible. So you're like a one-stop shop for everything if in tech needs to launch and to see payments on iPhones? That's our goal. Fantastic.
Well, this has been a fascinating deep doc. I think our listeners are really going to appreciate. - Thank you. - Getting this inside scoop on, what's possible with NFC on iPhones now? It feels like we're just scratching the surface of what this technology can do. So what would you say is the biggest thing for our listeners to be thinking about as they process all of this? I think the biggest takeaway here is the potential for innovation.
Think about the unique experiences you can build on top of this technology. How can you leverage NFC to create seamless and engaging interactions for your users? The possibilities really are limitless. That's a fantastic point. Yeah.
This isn't just about catching up to Apple Pay. Right. This is about pushing the boundaries of what's possible in FinTech. And if you want to be a part of this revolution, reach out to Verestro.
Absolutely. They've got the expertise and the technology to make it happen. So go out there and build something amazing. Thank you for having me.
