Apple's Aiming To Make Future iPhones Into Card Payment Terminals: Here's How
iPhone users, Apple is trying out something new with its NFC-enabled range of smartphones. In the near-future, all iPhone users will be able to make and accept card payments without the need for additional hardware.
Usually, all service providers use a payment terminal or a point of sale (POS) terminal to enable credit card payments. If Apple's ambitions come to fruition, the need to buy such hardware may be effectively eliminated - providing a boost to small-business owners.
How will terminal-less transactions happen?
A Bloomberg report highlighted Apple's acquisition of Mobeewave last year for $100 million. The Canadian company seems to have developed a method to accept payments from NFC-enabled credit cards with a single tap on the back of a smartphone.
Also read:?Apple Revenue Grew 11% In 2021, Beating Analyst Estimates And Supply Chain Issues
Most Apple iPhones have NFC functionality. With Mobeewave and Apple Pay combined, Apple could soon allow contactless credit card payments. PCMag reported that people "with knowledge of the matter" are convinced that Apple is planning to roll out the feature very soon. Yep, the payment terminals currently used for card payments with iPhones may become obsolete.
The best part about this is perhaps that once Apple works its magic in its labs, only a software to existing NFC-enabled iPhones is required to offer the functionality. Bloomberg reported that the death knell for credit card terminals may be sounded with one of the upcoming iOS 15 updates.
Also read:?US Passes New Bill To Prevent Amazon, Google, Apple From Killing Competition
There are no other details available the same yet. Its security features and OS device compatibility details would be made available when the feature is rolled out.?
What do you think about this feature? Is it going to mean the end for card terminals? Let us know in the comments below.?For more in the world of?technology?and?science, keep reading?Indiatimes.com.?
References
Humphries, M. (2022, January 27). Apple Is Reportedly Turning iPhones Into Credit Card Payment Terminals. PCMag India.?
(2022, January 27).?Apple to Rival Square by Turning iPhones Into Payment Terminals. Bloomberg.
