Apple may soon turn iPhones into credit card terminals

Rumor mill: We see a lot of companies using Square’s terminal to accept payments with the iPhone, but it looks like Apple wants a piece of that pie too. Rumor has it that Apple will turn iPhones into credit card terminals without requiring additional hardware or third-party devices.

Apple Pay already allows you to pay for goods in any store using a third-party terminal that supports the method. This technology has helped make the payment process much easier and safer as you don’t need to use cash or a credit/debit card. However, small businesses had to pay for new equipment in order to maintain the ability to pay.

Now, reportedly, Apple working on a new technology that can reduce costs for small businesses because they do not need additional equipment. Instead of using payment terminals like Square Block Inc., the current market leader, employees will use iPhones.

Whether the new technology will belong to the Apple Pay feature set or not is still unknown. We also wonder if Apple will use a payment network like VISA or create its own.

The ability to use payment terminals with credit cards is not a complete surprise. In 2020 Apple acquired Canadian startup Mobeewave, a company known for developing technology that can accept credit card payments by tapping them on the back of a phone. Since the acquisition, the Mobeewave team has worked in Apple’s payments department while continuing to develop its technology.

The new feature is due to be implemented later this year in the first beta of iOS 15.4. By this spring, businesses may be using the iPhone to receive cash directly.

Head credit: CardMapr