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Phones

iPhones could soon accept contactless payments using NFC

Your iPhone will soon act as a payment terminal
By Sanuj Bhatia January 27, 2022, 2:45 am
iPhone 13 Pro pocket Source: Pocketnow

Apple Pay is one of the best tap-to-pay solutions in the world. Even though it might not have been the quickest solution for payment in recent times (with mask and Face ID not working together), Apple Pay is still one of the most secure and fastest ways to pay. And now, it seems that Apple is ready to expand the functionality of Apple Pay even more as according to a report from Bloomberg, Apple is working on an iOS update for iPhone that will allow users to accept card payments through NFC.

Currently, you need to use third-party products, such as Square Reader, to accept payments on your iPhone. But, the new system will eliminate the need for such attachments. Apple acquired Mobeewave for the same technology back in 2020, and it could become fruitful soon.

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The upcoming feature will instead turn the iPhone into a payment terminal, letting users such as food trucks and hairstylists accept payments with the tap of a credit card or another iPhone onto the back of their device.

It’s unclear whether the payment acceptance option will be branded as part of Apple Pay, though the team working on the feature has been working within Apple’s payments division since being brought over from Mobeewave, the people said. It’s also not known if Apple intends to partner with an existing payment network for the feature or launch it alone.

Apple released iOS 15.3 to the general public today. According to Bloomberg the functionality would be launched with "upcoming iOS update" so it's possible that the new contactless payment acceptance feature would arrive with the iOS 15.4 update.

Do you currently accept payments via your iPhone using a piece of third-party equipment? Will the new technology help you in broadening your payment acceptance methods? Let us know in the comments section below!

Source: Bloomberg | Via: MacRumors

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