Apple to Integrate POS Payment on iPhone

• Apple is set to introduce a payment terminal feature on its iPhone devices from the next update

• The new feature will allow iPhone users to receive payments on their devices with the tap of a card

• The tech giant will be entering the SoftPOS business, competing with payment brands like Square

Small business owners may soon be able to accept payments on their iPhones without the need for an external device.

Bloomberg has revealed that Apple is set to roll out the feature on iPhones over the next few months, through software updates.
The company has reportedly been working on this new feature since 2020 when Canadian startup Mobeewave was purchased. Mobeewave is known for developing tech that allows users to turn their smartphones into a payment portal.

Mobeewave’s technology only requires an app and the phone’s NFC to work, unlike rivals like Square that need the users to connect an external device. The user simply has to type in the amount to be received and the customer will tap their credit card on the back of the device.

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Apple is however yet to comment about the launch of the new feature and if it will work in this same manner on iPhones. There are also no details about whether it will be integrated with the existing Apple pay feature.

Before being acquired by Apple, Mobeewave has collaborated with Samsung to help transform its devices into contactless payment terminals. The feature was launched in Canada and dubbed “Samsung POS”.

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