Apple’s New Feature will allow small Businesses to accept Payments directly on their iPhone
Apple Inc. is planning to bring a new feature. Which will allow small businesses to accept payments directly on their iPhone without any extra hardware, according to a Bloomberg report. To accept payments on an iPhone, retail sellers can now receive money on their iOS device to make payments. those that use bluetooth. The name of this payment method is Block Ink Square Payment.
New feature will turn the iPhone into a Payment Terminal
Bloomberg reports that the new feature will turn the iPhone into a payment terminal, allowing credit cards or any other payment to be accepted with a single tap of the iPhone. The report states that the system will use the near-area or NFC chip of the iPhone. The NFC chip is currently used for Apple Pay, a feature that could roll out in the coming months via a software update.
$ 100 Million Given to Mobiwave
The company has been working on this feature since 2020, according to the report, the latter was revealed when it paid about $ 100 million to a Canadian startup Mobiwave. Mobiwave is working on a technology to accept payments with tap for smartphones.
Apple refused to accept this report
When contacted by Reuters, Apple declined to comment on the report. According to the report, it is not clear whether the payment accept option will be branded as part of Apple Pay or whether the company is planning to partner with existing payment networks for this feature or launch it alone.
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