Apple to turn iPhones into payment terminals – media

Must read

FTX’s Sam Bankman-Fried says he has just $100,000 in his bank account after running a company that was once worth $32 billion

The former CEO of failed cryptocurrency exchange FTX says he’s down to his last $100,000—and that was just the last time he checked. ...

Fed’s housing market ‘reset’ has officially set off the second-biggest home price correction of the post-WWII era

In June, Fed Chair Jerome Powell told reporters that the overheated U.S. housing market—which saw U.S. home prices rise over 40% in just over...

‘The so-called golden era is over’: The U.K.’s prime minister raises the alarm over China

China has grown increasingly ostracized from much of the West, with the U.S. among its most vocal opponents. But now the U.K., which...

Monkeypox Gets Canceled: WHO Says Name is Racist, Changes It to ‘Mpox’

In what seems to be another foray into left wing “logic,” the World Health Organization (WHO) announced on...

Businesses may soon be able to accept contactless payments directly on their iPhones

Apple is working on a new feature that will allow businesses to accept payments on their iPhones without extra hardware, Bloomberg reported on Thursday, citing sources. 

Small businesses, like cafes or flower shops, that don’t use traditional payment terminals but use their Apple smartphones as such, currently require external hardware to accept payments, such as Square’s. 

This may no longer be the case. Apple has reportedly been working on a new feature that would let its smartphones accept payments with the tap of a credit card since around 2020, when the company acquired a Canadian startup called Mobeewave.

The startup made headlines when it worked with Samsung on a similar feature, called Samsung POS. The system launched worldwide in 2019, allowing Samsung smartphones to accept payments directly from physical cards, digital wallets, and even smartwatches.

Like Samsung POS, Apple’s new feature is likely to use existing technology – the near field communications (NFC) chip, which enables digital wallets like Apple Pay.

If this is the case, the new service will be made available via a mere software update on all iPhone models that have the chip (iPhone 6 and all newer versions).

Bloomberg sources say the feature is coming in a matter of months, perhaps even with the next iOS 15.4 update.

However, there is no information on whether Apple will use its own payment network to service the system or partner with an outside provider.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

FTX’s Sam Bankman-Fried says he has just $100,000 in his bank account after running a company that was once worth $32 billion

The former CEO of failed cryptocurrency exchange FTX says he’s down to his last $100,000—and that was just the last time he checked. ...

Fed’s housing market ‘reset’ has officially set off the second-biggest home price correction of the post-WWII era

In June, Fed Chair Jerome Powell told reporters that the overheated U.S. housing market—which saw U.S. home prices rise over 40% in just over...

‘The so-called golden era is over’: The U.K.’s prime minister raises the alarm over China

China has grown increasingly ostracized from much of the West, with the U.S. among its most vocal opponents. But now the U.K., which...

Monkeypox Gets Canceled: WHO Says Name is Racist, Changes It to ‘Mpox’

In what seems to be another foray into left wing “logic,” the World Health Organization (WHO) announced on...

Warnock, Walker Battle In Georgia Senate Runoff With Half A Million Ballots Already Cast

By T.A. DeFeo (The Center Square) More than half a million Georgian voters have already cast ballots for...