It has been claimed that Apple is working on a new technology that would allow accepting payments using only the iPhone.
In 2020, Apple bought Canadian startup Mobeewave, which is working on a technology that will allow payment by touching a credit card to a smartphone, for $100 million. It is stated that the company has been working on the new feature mentioned since that date. It is thought that the new feature will use the near-field communication (NFC) chip, which is also used for Apple Pay.
Today, in order to accept payments via iPhone, merchants must use payment terminals that have cable entries or are connected to iPhones via Bluetooth. The new feature, which is claimed to be forthcoming, will transform the phone itself into a payment terminal, enabling businesses such as mobile food trucks to receive payments via their own iPhones with a credit card or from another iPhone.
If Apple allows this new technology to be used by other apps, the new feature will allow apps like Square to accept payments on Apple devices without the need for additional hardware.