Apple to let iPhones accept credit cards without extra hardware: report
The service would put Apple against Block Inc.’s Square, which currently dominates the market
Apple has plans for a new service that would help small businesses collect payments using an iPhone.
No additional equipment would be needed, according to Bloomberg.
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That would put Apple against Block Inc.’s Square, which currently dominates the market.
Apple has been working on the service since 2020 when it paid about $100 million for the Canadian startup Mobeewave that developed the technology.
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You pay with the tap of a credit card using the iPhone’s near field communications, or NFC, chip that is currently used for Apple Pay.
Currently, to accept payments, merchants need to use payment terminals that plug in or communicate with the phone via Bluetooth, which Square uses, according to Bloomberg.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 228.52 | -0.48 | -0.21% |
The new service would turn the iPhone into a payment terminal.
A rollout of the feature could be coming in the coming months, according to people familiar.
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An Apple spokeswoman declined to comment.
Apple has developed various payment products including the Apple Card and Apple Cash.