São Paulo, February 6, 2024 - Nubank, one of the world's largest digital financial services platforms, announces the launch of Tap to Pay on iPhone for its three million SME customers in Brazil. The feature allows merchants to accept all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets, using only an iPhone and the Nubank iOS app — no additional hardware or payment terminal is needed. In addition, the funds are transferred within one day for the transactions made via Tap to Pay on iPhone.
"This launch will allow millions of entrepreneurs, from micro and small businesses, to receive their payments more easily on a day-to-day basis, without the expense of buying or renting a POS, using just their iPhone in the palm of their hand. It's a practical and cost-effective option for business owners, operationalizing sales at a low cost. And of course, always with the security that all information is protected by Nubank and Apple," says Livia Chanes, Nubank's CEO in Brazil.
With Tap to Pay on iPhone, entrepreneurs can save up to 30% in fees compared to traditional card machines (POS), with no joining fees, rental fees, or maintenance fees - and with Nubank's transparency, no hidden conditions or small print. Additionally, purchases can be split into up to 12 installments, and even those who do not yet have a POS due to high costs or bureaucracy can test this payment method without any fixed costs.
With Tap to Pay on iPhone in the Nubank iOS app, merchants will simply prompt the customer to hold their contactless payment method near the merchant’s iPhone at checkout, and the payment will be securely completed using NFC technology. Apple’s Tap to Pay on iPhone technology uses the built-in features of iPhone to keep the businesses’ and customers’ data private and secure. When a payment is processed, Apple doesn’t store card numbers on the device or Apple servers. Additionally, Nubank's human customer service will be available whenever necessary.
The product was developed in partnership with Zoop, a leading fintech in financial services for the B2B market. To start accepting payments, merchants can simply tap Settings in their Nubank app and click on Tap to Pay on iPhone.
Product evolution
According to a report from Abecs, the electronic payment industry association, contactless payments already account for nearly half of all in-person card transactions, and the expectation is for this to continue growing. This update represents a product evolution to meet the needs of an even larger number of entrepreneurs, making their daily transactions simpler, smarter and secure.