Thanks to the new system Apple Tap to Payyou can now turn your iPhone into a banking terminal, capable of accepting payments with both physical or digital cards and mobile devices.

However, did you know that there are some banking plastics that are not compatible with this new digital tool?

Tap to Pay on iPhone does not accept all cards: these are the ones left out in Mexico. (Photo: Created with AI)

Well on this occasion in OfMoney I’ll tell you which debit and credit cards cannot be used with this Apple tool.

On March 24, through a press release, Apple reported that all iPhone users with models from XS onwards could enjoy the benefits provided by Tap to Pay.

I invite you to follow our latest news every day by clicking here: https://news.google.com/s/CBIw7YjIgsMB?sceid=MX:es-419

With this new technology, it is no longer necessary to purchase a point of sale terminal (POS) or install software, because from now on, your iPhone will not only serve as an entertainment and communication tool, but now you can use it as a banking terminal.

Thanks to Near Field Communication technology (NFC), you can use your mobile device to accept payments with physical or digital cards. However, according to Apple, not all bank cards are supported.

Yes, well, plastics backed by American Express, Mastercard or Visa are accepted by Tap to Pay, it is necessary that these cards have the hologram that uses NFC technology, so that payment can be made through the contactless mechanism (contactless payment).

This same requirement is essential to be able to carry out these operations with mobile devices such as smartphones or smartwatches.

According to the information provided by Apple in its press release, Tap to Pay is available on platforms such as Adyen, Clip, Mercado Pago and Visa Acceptance Platform, which may charge a certain amount of commission per operation.

For example, Clip charges a commission of 2.99% plus $1.00 peso plus VAT per transaction.

In the case of Mercado Pago, this platform charges 2.99% for each sale.

However, this commission must be covered by the merchant, since in Mexico, the Federal Consumer Prosecutor’s Office (Profeco) explains that it is illegal to charge a commission for payment with a credit or debit card, since this is considered a violation of the Federal Consumer Protection Law (LFPC).

Violating article 127 of the LFPC would cause the offender to be subject to a fine ranging from $733.04 to $2,345,728.71 pesos. About the author: Daniel Fitta He is a journalist passionate about personal finances; write every day in OfMoney of The Universal.