IT House january 27 news, according to Bloomberg reported that Apple is developing a new payment service that will allow iPhone phones to accept payments directly on the device without the need for additional hardware. Now, the iPhone can accept credit card payments through external hardware like Square Reader, but Apple's new technology will eliminate the need for third-party products.
Individuals and small businesses will be able to accept payments by tapping a debit or credit card on their iPhone, a feature that is likely to use an NFC chip already built into Apple devices.
IT House understands that Apple began developing hardware-less credit card payments back in 2020, when it acquired Mobeewave for about $100 million. Mobeewave is a startup that created technology for smartphones to accept payments using NFC.
At the time, Mobeewave's website said sending a payment with the Mobeewave app was as easy as entering the transaction amount and tapping the NFC card on the back of the smartphone, while Apple's built-in payments could work in a similar way.
Bloomberg said it's unclear if the payment service will be bundled into Apple Pay, though the team developing the feature has been working in Apple's payments division.
Apple is planning to roll out the feature in the coming months, perhaps in the iOS 15.4 update that will be available in the spring.
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