think Apple announced today that it's going to expand the capabilities of the iphone To allow for the iPhone to effectively act as a point of sale terminal, allowing it to accept payments without the need of additional hardware. Apple launched Apple pay in 2014 which allowed ah cardholders to use their iphone to make payments so to use their phone as a payment device. But that required merchants to have a payment terminal that accepted near field communications for payments. So what Apple has done is it's using the same chip that it uses to send payments to now accept payments. The payment terminal space. The payment industry is dominated by square, which makes a little dongle that goes into an iphone or an android device and other uh companies such as you know, international cash register and so on and so forth. Um but those all require hardware um even Apple up until right now had to have external hardware attached to their iphones in their Apple stores to do contact less payments. This may make an entire class of hardware obsolete. Apple has said they will introduce the the payment acceptance feature in a new IOS update later this year. Shopify, who is their first partner to go with this. This feature plans to announce their feature sometime later this spring
New Apple feature will let shoppers pay merchants by holding phones together
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Updated: 11:16 PM EST Feb 8, 2022
Apple on Tuesday said it plans to introduce a contactless payment option later this year that will let businesses use iPhones to process transactions in stores without any additional hardware, competing with services like Square.The new "Tap to Pay" feature will allow U.S. merchants of all sizes to accept payments simply by holding their iPhone close to the customer's iPhone or Apple Watch. It also works with contactless credit and debit cards.The feature, which will be included in an upcoming iOS beta update and will only be available on iPhone XS models and later, could help Apple deepen its relationships with retailers. According to Apple, 90% of U.S. retailers already accept Apple Pay. (Apple doesn't break out revenue for its payments business, though its services business segment overall has been a major growth driver.)Stripe will be the first payment platform to offer the feature, with others to join later this year. Payment data will be protected by the same technology used on Apple Pay, with all transactions encrypted."In collaboration with payment platforms, app developers, and payment networks, we're making it easier than ever for businesses of all sizes 바카라 게임 웹사이트 from solopreneurs to large retailers 바카라 게임 웹사이트 to seamlessly accept contactless payments and continue to grow their business," Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, said in a statement.With the new feature, Apple appears to be competing directly with Square, which has positioned itself as "a partner to sellers of all sizes" by offering a range of payment services, including hardware such as a payment terminal and its signature card reader."We are always working on new ways to lower the barrier to entry for merchants, including technology that enables sellers to accept payments without additional hardware, but we have nothing to announce at this time," Marcus Torrey, a spokesperson for Square, said in a statement to CNN Business on Tuesday.Square's ambitions have broadened from its original payment services. In December, Square rebranded as Block, reflecting its interest in cryptocurrency and blockchain technologies. Block also offers CashApp, a mobile payment service, and music streaming service Tidal.
Apple on Tuesday said it plans to introduce a contactless payment option later this year that will let businesses use iPhones to process transactions in stores without any additional hardware, competing with services like Square.
The new "" feature will allow U.S. merchants of all sizes to accept payments simply by holding their iPhone close to the customer's iPhone or Apple Watch. It also works with contactless credit and debit cards.
The feature, which will be included in an upcoming iOS beta update and will only be available on iPhone XS models and later, could help Apple deepen its relationships with retailers. According to Apple, 90% of U.S. retailers already accept Apple Pay. (Apple doesn't break out revenue for its payments business, though its services business segment overall has been a major growth driver.)
Stripe will be the first payment platform to offer the feature, with others to join later this year. Payment data will be protected by the same technology used on Apple Pay, with all transactions encrypted.
"In collaboration with payment platforms, app developers, and payment networks, we're making it easier than ever for businesses of all sizes 바카라 게임 웹사이트 from solopreneurs to large retailers 바카라 게임 웹사이트 to seamlessly accept contactless payments and continue to grow their business," Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, said in a statement.
With the new feature, Apple appears to be competing directly with Square, which has as "a partner to sellers of all sizes" by offering a range of payment services, including such as a payment terminal and its signature card reader.
"We are always working on new ways to lower the barrier to entry for merchants, including technology that enables sellers to accept payments without additional hardware, but we have nothing to announce at this time," Marcus Torrey, a spokesperson for Square, said in a statement to CNN Business on Tuesday.
Square's ambitions have broadened from its original payment services. In December, Square rebranded as Block, reflecting its interest in cryptocurrency and blockchain technologies. Block also offers CashApp, a mobile payment service, and music streaming service Tidal.
