Apple is working on a new service. It allows you to use your iPhone as a contactless payment terminal. Businesses will be able to take payments directly on an iPhone. They will not need any additional gear for it.
This is especially beneficial for small companies. They can accept payments without the use of additional technology through their iPhones. According to Bloomberg, Apple might begin handing out the functionality in the coming months. This would happen via a software update. According to reports, the feature will debut in the final version of iOS 15.4. Apple will release it this spring.
Apple was working on the service after purchasing a Canadian firm named Mobeewave in 2020. The company is notable for creating technology that allows a phone to function as a payment portal.
To use Mobeewave’s technology, you need two things. First, an app and, secondly, your phone’s NFC. This differs from services like Square. It requires the usage of additional hardware.
Before the acquisition, Mobeewave partnered with Samsung to make its phones into contactless payment terminals. Furthermore, they tested the functionality in Canada. It even gave Samsung POS, the company’s point-of-sale service, a wide rollout there.
In addition, Bloomberg’s sources could not confirm if Apple Pay would include this functionality. Since Apple bought Mobeewave, the team building the functionality is working with the company’s payments division. Also, it’s unclear whether Apple would launch the service under an existing payment network.
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