Apple may soon turn iPhones into credit card payment terminals

jsilva

Posts: 325   +2
Rumor mill: We see many businesses using a Square terminal to accept payments made using iPhones, but it seems Apple also wants a piece of that pie. Rumor says Apple will turn iPhones into credit card payment terminals without needing extra hardware or third-party devices.

Apple Pay already allows you to pay for goods at any store with a third-party terminal supporting the method. This technology helped make the process of paying much simpler and more secure, as you don't have to use cash or a credit/debit card. However, small businesses had to pay for new equipment to support the payment option.

Now, Apple is reportedly working on a new technology that could reduce costs for small businesses, as they wouldn't need any extra hardware. Instead of using payment terminals like Block Inc.'s Square, the current market leader, employees would use iPhones.

Whether the new technology would belong to the Apple Pay feature set or not it's still unknown. Another thing we wonder is if Apple will be using a payment network such as VISA or create its own.

The ability to use credit card payment terminals doesn't come as a complete surprise. In 2020, Apple acquired the Canadian startup Mobeewave, a company known for developing a technology capable of accepting payments from credit cards by tapping them against the back of a phone. Since it was acquired, Mobeewave's team has worked for Apple's payment department, further developing its technology.

The new feature should be implemented later this year on the first beta version of iOS 15.4. By this spring, businesses may use iPhones to receive money directly.

Masthead credit: CardMapr

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QuantumPhysics

Posts: 6,306   +7,239
This is really awesome that now, ANYONE with an iPhone can process payments either with a credit card or through applepay.
 

defaultluser

Posts: 380   +305
Can you really negotiate with a Smart card through a tap, or is this just some gimmick requiring NFC Payment already configured on the other phone?
 

p51d007

Posts: 3,105   +2,586
Gotta tease people away from CASH to make the transformation to "digital" currency faster.
Once CASH is removed, EVERYONE will be beholding to government. EVERY transaction
will be monitored. Add "universal" healthcare and watch this happen. Stop at a fast food joint.
Order a double cheeseburger, large fry, shake. Use your e-money to pay. Transaction refused.
Your last required government health checkup said your body mass index was too high, your blood pressure too high, but, you ARE approved for a salad.
Try to buy a vehicle...NOPE, you live to close to work, but you are allowed to use the city bus.
And on and on and on.
 

TsVkK

Posts: 99   +57
Gotta tease people away from CASH to make the transformation to "digital" currency faster.
Once CASH is removed, EVERYONE will be beholding to government. EVERY transaction
will be monitored. Add "universal" healthcare and watch this happen. Stop at a fast food joint.
Order a double cheeseburger, large fry, shake. Use your e-money to pay. Transaction refused.
Your last required government health checkup said your body mass index was too high, your blood pressure too high, but, you ARE approved for a salad.
Try to buy a vehicle...NOPE, you live to close to work, but you are allowed to use the city bus.
And on and on and on.
0.0 paranoid much?

There are conspiracies in action but they don't involve giving you free healthcare or making healthy life choices for you. lol. That's the whackest thing I've heard in a long time.
 

PEnnn

Posts: 749   +795
Gotta tease people away from CASH to make the transformation to "digital" currency faster.
Once CASH is removed, EVERYONE will be beholding to government. EVERY transaction
will be monitored. Add "universal" healthcare and watch this happen. Stop at a fast food joint.
Order a double cheeseburger, large fry, shake. Use your e-money to pay. Transaction refused.
Your last required government health checkup said your body mass index was too high, your blood pressure too high, but, you ARE approved for a salad.
Try to buy a vehicle...NOPE, you live to close to work, but you are allowed to use the city bus.
And on and on and on.

The Conspiracy Network is missing one loyal and very paranoid customer today!!