Us-based technology giant Apple is planning to launch a new service, which will allow small businesses to receive payments directly on their iPhones without additional hardware.
The new feature will help the users to turn their iPhone into a payment terminal, allowing it to accept payments with the tap of a credit card or another iPhone onto the back of their device.
Reports say that the system will be added to the iPhone’s near field communications (NFC), a chip that is currently used for Apple Pay, or the feature may add through a software update in the coming months.
Since 2020, Apple has been working on its new own payment system. Reports suggest that the company paid about $100 million to Mobeewave, a Canadian startup, that developed technology for smartphones to accept payments with the tap of a credit card.
It is unclear whether the payment acceptance option will be branded as part of Apple Pay or whether the company plans to partner with the existing payment network for the feature or launch it alone.
Apple is expected to release the first beta version of iOS 15.4 soon, which is likely to see a final release for customers as early as spring. The tech giant has chosen to not share any specifics about the same.