Apple Inc will now allow small businesses to accept payments directly on their iPhones now.
This means that there will be no requirement for any extra hardware in order to accept payments.
Read on to find out how this will work!
Apple Releases New Feature For Payment; Find Out How It Works
As of now, payments are accepted on an iPhone with the help of payment terminals. Money is received on an iOS device that is connected via Bluetooth, such as Block Inc’s Square payment systems.
And now, the new feature will allow iPhone users to use the device as a payment terminal itself. This will also allow merchants to take payments through a simple tap of a credit card or another iPhone on the back of the device.
As per reports, the system will most likely use iPhone’s near field communications, which is also known as the NFC. the chip is currently used for Apple Pay and the feature may roll out through a software update in the upcoming few months.
Apple To Collaborate With Mobeewave?
The new feature is being worked on by the company since 2020 and a sum of $100 million has been paid by the company to Mobeewave. Mobeewave is a Canadian company that has developed technology for smartphones that will enable smartphones to accept payments with the tap of a credit card.
There has been no comment on the report by Apple.
However, reports have stated that it is unclear whether the payment acceptance option will be regarded as a part of Apple Pay. Also, there is no clarity on if the company plans to team up with an existing payment network for the feature or it will be launched as an individual product.
As we have reported earlier, users who have upgraded to iOS 15, will be able to make UPI payments from the iPhone‘s camera app directly without having to visit their UPI app.
Basically, this is an India-exclusive feature. With the help of this feature, now users can choose from up to 10 of their most recently used UPI payment apps, when they scan UPI QR codes using the camera app for merchant payments, as per the information provided on Apple’s iOS 15 feature page.
This feature will come in handy since the users can make payments using UPI directly from their iPhone’s camera app.
Comments are closed, but trackbacks and pingbacks are open.