Apple to Unveil New Service That Will Turn the iPhone Into a Payment Terminal

Apple is preparing a new service that will help small businesses accept payments on their iPhones without any extra hardware. Businesses currently use payment terminals when using their iOS devices for payment.

The new service is expected to cut the extra software or hardware requirements and instead directly turn the iPhone into a payment terminal. The merchants will be able to receive payments with the tap of a credit card or directly from another iPhone.

Apple’s system will likely use the near field communications (NFC), which is currently used for Apple Pay. The new feature may become available through a software update in the coming months.

Apple has been working to make the service operational since 2020 when it acquired Mobeewave, a Canadian startup, for $100 million. Mobeewave developed technology for smartphones to receive payments with the tap of a credit card.

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