South African fintech startup Yoco has partnered with Apple to enable Tap to Pay on iPhone, helping merchants seamlessly and securely accept all forms of in-person contactless payments using only an iPhone and the Yoco app.
Founded in 2015, Yoco builds tools and services to help small businesses accept card payments in-store and online, access loans, and manage their day to day activities. The startup has become the preferred payments partner for over 200,000 small businesses across South Africa, processing more than US$1 billion in card payments per year.
The company, which recently appointed German banking executive Carsten Höltkemeyer as its new CEO to lead its next phase of growth, has now partnered Apple to launch Tap to Pay on iPhone in South Africa for the first time. The feature allows merchants to accept all forms of in-person contactless payments – including contactless credit and debit cards, Apple Pay, and other digital wallets – using only an iPhone and the Yoco app, with no additional hardware or payment terminal needed.
At checkout, the merchant will simply prompt the customer to hold their contactless payment method near the merchant’s iPhone, and the payment will be securely completed using NFC technology. Tap to Pay on iPhone also supports PIN entry, which includes accessibility options.
“At Yoco, we proudly build products designed to lower the barriers for independent businesses to thrive. We do this by removing friction and giving business owners greater control over how they sell. This collaboration with Apple to bring Tap to Pay on iPhone to the Yoco app, is a great way to further fuel entrepreneurship in South Africa,” said Lungisa Matshoba, Yoco co-founder and co-CEO.
