Apple to allow iPhones to accept credit cards without additional hardware: report

Apple has plans for a new service that would help small businesses collect payments using an iPhone.

No additional equipment would be needed, according to Bloomberg.

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This would put Apple against Block Inc.’s Square, which currently dominates the market.

Apple has been working on the service since 2020 when it paid around $100 million for Canadian startup Mobeewave which developed the technology.

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You pay with the touch of a credit card using the iPhone’s Near Field Communication chip, or NFC, which is currently used for Apple Pay.

Currently, to accept payments, merchants must use payment terminals that plug into or communicate with the phone via Bluetooth, which Square uses, according to Bloomberg.

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The new service would turn the iPhone into a payment terminal.

A rollout of the feature could happen in the coming months, according to people familiar.

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An Apple spokeswoman declined to comment.

Apple has developed various payment products, including Apple Card and Apple Cash.