Apple will let small businesses accept payments directly on their iPhones

It has been rumoured that Apple is working on a feature that would make contactless payments for small companies more convenient. According to a report from Bloomberg, Apple will release a feature soon that would allow small companies to take payments straight from their smartphones. It will be unnecessary to employ any external gear as a result.

Apple to deploy it soon

According to the claimed source, Apple is expected to deploy this functionality in the next months. When the corporation acquired a Canadian startup named Mobeewave for around $100 million in 2020, it began working on this project in earnest.

Samsung Launched its Samsung POS

In the year before it, Samsung collaborated with this company and provided a comparable service to merchants. As part of a partnership with Mobeewave, it launched Samsung POS (Samsung Point of Sale), a service that made it easier for small companies to accept contactless payments using Samsung phones. Samsung POS is now available worldwide. Customers were able to convert their NFC-capable Samsung cellphones into mPOS (Mobile Point of Sale) terminals without the need for any extra hardware.

Simply downloading the Samsung POS software from the Galaxy Store or Google Play Store and registering as a merchant is all that is required of them. Merchants and small business owners will be able to accept contactless payments using Apple Pay, Google Pay, Samsung Pay, and contactless cards from Visa and Mastercard once the registration process is complete. Apple is also anticipated to implement a similar strategy.

Tap-to-pay terminal technology is planned to be integrated directly into the NFC-enabled iPhones by the firm. To operate their businesses, small company owners must rely on extra hardware provided by financial services firms such as Square, which provides a variety of payment terminals for iPhones.

Currently, it is unclear when the company plans to provide this functionality, or whether Mobeewave’s technology would be labelled as part of the Apple Pay service. It is also unknown whether the Cupertino giant would partner with an existing payment network for the function or whether it will utilise its payment network for the feature. According to the article, Apple “may begin pushing out the functionality through a software update” in the coming weeks.

How does the NFC chip works?

When two devices communicate with each other at a short distance and in safety, the chip is referred to be a near-field communication chip or integrated circuit (IC). Because NFC can only be used to link devices that are within proximity of one other, it provides an additional degree of protection. Additionally, this technology is employed in payment terminals, automobile door handles, ticket machines, and car centre consoles, among other places.

In addition, the new functionality will be compatible with Apple Pay, which means that any iPhone user will be able to place their smartphone on the back of another iOS device and complete the transaction inside. As reported by sources, consumers should anticipate this new function to be implemented in the next few months, around the time Apple launches iOS 15.4. Apple is now beta-testing the iOS 15.4 beta version, which is currently available for download.

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