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Apple to turn iPhones into payment terminals in fintech push -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Silhouettes of mobile users are seen beside a screen projecting the Apple logo in this illustration, taken on March 28, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) – Apple Inc (NASDAQ) has introduced a new feature which will enable businesses to accept digital and credit card payments using just a tap of their iPhones. This bypasses hardware systems like Block Inc’s Square terminals.

Apple announced Tuesday that the feature will be available later in the year and use NFC technology to make all types of payments including those between iPhones. Apple stressed that the privacy features of its services would be protected and it wouldn’t know who or what is being bought.

Fintech services Stripe and Shopify (NYSE:) Point will be the first to offer the “Tap to Pay” feature to business customers in the spring of 2022 in the United States, the company said in a statement https://apple.co/3HAASte.

Stripe’s chief of business, Billy Alvarado said, “Whether you are a salesperson for an internet-first retailer, or an individual entrepreneur,” he added.

Apple has increased its fintech services. In 2019, Apple launched its own credit card in partnership with Goldman Sachs (NYSE :). It is currently working on a “buy Now, Pay Later” service.

Shannon Cross from Cross Research said that Apple views payments as a separate business and is looking for ways to capitalize on it.

The company’s decision to venture into contactless payments shows how vital payments are.

Block shares fell 1.2% during early trading Thursday morning, but Apple shares were unchanged.

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