Apple is reportedly set to launch a service that would let businesses use their iPhones as payment terminals with no additional hardware - a move that could put pressure on market leader Block (formerly Square).
As Bloomberg reports, the feature has been in the works since 2020 when Apple paid $100 million to purchase Mobeewave, a Canadian startup whose contactless payment tech only requires NFC. The ability for small businesses to accept payment using only their smartphone will reportedly be arriving in a software update “in the coming months.”
For merchants to receive cardless payments today, they need a third-party payment terminal—the device you insert your credit card into or tap your phone on when making payments at a store. When Apple’s feature arrives, businesses can throw those out and instead accept payments by having customers tap their phones or cards to an iPhone used by the merchant.
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