Apple is working on a new payment service that will allow iPhones to accept card payments directly on the device without the need for additional hardware, according to Bloomberg. A very interesting feature that currently needs to be supported by third-party services and devices, such as Squere Reader, for example.
A function that will arrive via a software update
According to Mark Gurman, home users and small businesses will be able to accept payments. These will be accomplished simply by bringing the credit or debit card close to the iPhone and letting the phones NFC chip do its part.
Here it is worth recalling the purchase of Mobeewave in 2020, a startup that created precisely technology that allows smartphones to accept payments via NFC. Now it looks like the roughly $100 million purchase is paying off, as Apple will be in direct competition with Square, the current leader in this type of technology.
“The upcoming feature will turn iPhone into a payment terminal, allowing users like restaurants and hairdressers to accept payments by simply tapping a credit card or another iPhone on the back of their device.” “It’s unclear if the payment acceptance option will be marked as part of Apple Pay, although the team working on the feature has been working within Apple’s payments division since it started. was transferred from Mobeewave, the sources said. It’s also unclear whether Apple intends to partner with an existing payment network for the feature or launch it on its own.”
A feature that comes with a software update, without additional hardware.
With this system, small businesses could simplify their payment method to a simple iPhone. A most interesting resource for, for example, street food stalls or home delivery services. It could even allow something as simple as receiving a payment from a friend to split the amount of a meal with: one types the amount on their iPhone and the other approaches theirs with Apple Pay enabled to pay.
At this time, we don’t know if this feature would be tied to a payment processing service. If so, it remains to be seen whether Apple will partner with existing retail networks or launch its own. What we do know is that this feature, writes Gurman, will arrive via a software update “in the coming months.”
Although iOS 16 will be presented, we hope, in about four months, in June of this year, its official launch is still in nine months, in September or October. This leads us to believe that this feature could well arrive with iOS 15.4, a version which, released yesterday as 15.3, should start the beta cycle soon.
It remains to be seen whether this service will focus on the United States or expand to other countries and, if so, how quickly. What’s clear is that something as simple as being able to accept a payment by tapping a credit or debit card or Apple Pay device on our iPhone opens the doors to so many possibilities.
Picture | CardMapr