Introducing TapToAuth: Bringing the Familiarity of Contactless Payments to Open Banking
Overlay's latest innovation bridges a long-awaited gap in alternative payments, in light of Apple's recent concession to open up iPhone’s contactless payments technology.
At Overlay, we are always working to bring the next big leap in payments. Today, we’re excited to announce a significant milestone in that journey with the introduction of TapToAuth – a new, intuitive payment solution that marries the convenience of traditional contactless payments with the benefits of open banking payments.
This breakthrough has been enabled by a recent and critical development in the industry: Apple's concession to open the NFC payment capabilities of the iPhone to third-party developers, a move stemming from the EU's antitrust investigations into Apple Wallet.
Why is this important, and why now? For years the contactless payment experience has been dominated by a few key players - limiting our ability to introduce competing solutions that improve the security, cost, and overall experience of retail payments. Apple's decision to finally open its NFC technology - bringing it up to speed with Android - marks a new chapter that allows innovative companies like Overlay to bring forward new solutions that were previously impossible.
Keeping customers safer and minimising the cost of a payment
The core of TapToAuth is a cryptographically secured NFC protocol designed from scratch for modern mobile devices. We have employed the latest in cryptographic techniques to ensure that each transaction is not just convenient but also incredibly secure, even in “offline” scenarios. This heightened security is a crucial step forward in minimising fraud, thereby reducing the overall costs associated with digital payments.
Retailers get their money instantly
But it's not just about security. TapToAuth sits atop the Overlay network which brings with it the speed and efficiency of open banking and Faster Payments. This means TapToAuth transactions are not only secure but also low cost and completed with unprecedented speed, with instant fund transfers. Such efficiency is particularly transformative for retail businesses where quick cash flow is essential.
Embedded retailer loyalty schemes and digital receipts
TapToAuth also benefits from Overlay’s smart payments. Each transaction goes beyond mere payment processing by incorporating digital receipts and integrated loyalty programs into a single tap. This approach turns every transaction into an opportunity for retailers to deepen their engagement with customers and grow their business.
A step change that keeps the familiar contactless experience
While TapToAuth is innovative, we have kept the contactless user experience everyone is familiar with. The goal was to ensure that while we offer all these advanced features, the feel remains as simple and familiar as traditional contactless payments.
The timing of TapToAuth's launch couldn't be more opportune. With the recent shift in NFC technology access, and the availability of open banking payment APIs, the landscape of digital payments is ripe for transformation. This is where TapToAuth steps in, leveraging these new possibilities to offer a more secure, efficient, and digitally enhanced payment experience.
You can be part of the TapToAuth Early Access Programme
As we introduce TapToAuth to the market, we're also excited to announce the launch of our early access programme. This initiative is an open invitation to those eager to explore the future of payments – a future that's more secure, efficient, and user-friendly.
Interested in learning more about TapToAuth or participating in our early access program? Please contact us at mike@overlaypayments.com