Apple to rival Square by turning iPhones into payment terminals. Devices currently require external terminals such as Square’s. Apple paid US$100m for a Canadian start-up called Mobeewave in 2020 to build feature.
Apple may soon enable merchants to accept contactless payments on their iPhone without needing to connect their device to a separate payment terminal or other additional hardware, according to Bloomberg.
The addition of contactless payments acceptance would be “likely” to use the NFC chip in NFC-enabled iPhones and could be made available to users through a software update “in the coming months”.
In order to accept payments on an iPhone today, merchants need to use payment terminals that plug in or communicate with the phone via Bluetooth.
It is not clear whether the feature will be branded as part of Apple Pay or whether Apple plans to launch it alone or in partnership with existing payment networks, Bloomberg says.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
