Apple Inc. plans new services that will allow small businesses to receive direct payments on their iPhone without extra hardware, Bloomberg News reports on Wednesday, citing people with knowledge about this problem.
For payments to be received on the iPhone, retailers currently use terminal payments to receive money on their iOS devices connected via Bluetooth, such as the Square Block Inc. payment system.
This new feature will change the iPhone into a payment terminal, allowing traders to accept payments by knock on another credit card or iPhone to the back of their device, the Bloomberg report said.
The system is likely to use field communication near the iPhone, or NFC, the chip which is currently used for Apple payments, the report said, adding features can launch through software updates in the coming months.
The company has worked on new features since 2020, the report said, when paying around $ 100 million for Mobeewave, Startup Canada, which developed technology for smartphones to receive payments with a knock on a credit card.
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Apple refused to comment on the report when contacted by Reuters.
According to the report, it is not clear whether the receipt of payment options will be labeled as part of Apple Pay or if the company plans to partner with the existing payment network for features or launch itself.
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