Rumor mill: We see many businesses using a Square terminal to accept payments made using iPhones, but it seems Apple also wants a piece of that pie. Going by the rumors, it says Apple will turn iPhones into creditcard payment terminals without needing extra hardware or third-party devices.
Apple Pay already allows you to pay for goods at any store with a third-party terminal supporting the method. This technology helped make the process of paying much simpler and more secure, as you don’t have to use cash or a credit/debit card. However, small businesses had to pay for new equipment to support the payment option.
Now, Apple is reportedly working on a new technology that could reduce costs for small businesses, as they wouldn’t need any extra hardware. Instead of using payment terminals like Block Inc.’s Square, the current market leader, employees would use iPhones.
Whether the new technology would belong to the Apple Pay feature set or not it’s still unknown. Another thing we wonder is if Apple will be using a payment network such as VISA or create its own.
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The capacity to utilize credit card installment terminals doesn’t come as a total shock. In 2020, Apple obtained the Canadian startup Mobeewave, an organization known for fostering an innovation fit for tolerating installments from Visas by tapping them against the rear of a telephone. Since it was gained, Mobeewave’s group has worked for Apple’s installment division, further fostering its innovation.
The new component should be carried out in the not-so-distant future on the main beta adaptation of iOS 15.4. By this spring, organizations might utilize iPhones to get cash straightforwardly.