According to the report, it is unclear whether the payment acceptance option will be branded as part of Apple Pay or if the business would partner with an existing payment network.
New Delhi: Apple is apparently considering introducing a new feature that will allow micro-businesses to accept payments directly on their iPhones without the need for additional gear.
Currently, retailers employ payment terminals connected through Bluetooth to their iPhones to accept payments, such as Block Inc’s Square payment systems. Following the release of the new feature, the iPhone will transform into a payment terminal, allowing merchants to accept payments by tapping a credit card or another iPhone onto the back of their device.
According to the report, it is unclear whether the payment acceptance option will be branded as part of Apple Pay or if the business would partner with an existing payment network.
According to Bloomberg, the feature, which is likely to be released in the coming months, may make use of the iPhone’s near field communications, or NFC chip, which is now utilised for Apple Pay.
Last year, the digital behemoth paid around USD 100 million to Mobeewave, a Canadian firm that invented technology enabling mobile phones to accept money with the tap of a credit card. Meanwhile, no official announcement on the latest feature has been released.
