Stock Groups

Apple to let iPhones accept credit cards without extra hardware

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – The Apple logo can be seen in an Apple Store as the new Apple 5G iPhone 12 goes on sale in Brooklyn (New York), U.S.A, October 23, 2020. REUTERS/Brendan McDermid

(Reuters) – Apple Inc (NASDAQ) plans a new service to allow small businesses accept payments directly from their iPhones, Bloomberg News reported Wednesday, citing sources with knowledge.

To accept payments on iPhones, retail stores use current payment terminals. These payment terminals can be connected to their iOS devices via Bluetooth.

Bloomberg reports that this new feature will allow the iPhone to be used as a payment device. Merchants can accept payments by tapping on an iPhone’s back and transferring a credit or debit card.

It will most likely utilize the iPhone’s NFC chip, which is used to make Apple Pay. Additionally, it was reported that the software may be updated in order for the system to roll out the new feature.

The company has been working on the new feature since around 2020, the report https://bloom.bg/3u9lssh said, when it paid about $100 million for Mobeewave, a Canadian startup, that developed technology for smartphones to accept payments with the tap of a credit card.

Apple did not respond to Reuters’ request for comment.

The report does not indicate whether Apple Pay will brand the payment acceptance feature as Apple Pay, or if it plans to launch the feature by itself.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses caused by the data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]