iPhones will Apparently be able to Accept Contactless Payments

The Service does not require any External Hardware to Function.

Small Companies may soon be able to accept payments without the use of additional technology by utilizing their iPhones. According to Bloomberg, Apple could begin spreading out the functionality in the coming months via a software update, possibly with the final version of iOS 15.4 that will be released this spring. Apple is claimed to have been working on the service since purchasing Mobeewave, a Canadian firm that creates technology that transforms a phone into a payment portal, in 2020.

Unlike services like Square, which need the usage of extra hardware, Mobeewave's technology merely requires an app and the phone's NFC to work.

The user simply punches in the amount they want to charge, and their customer taps their credit card into the back of the device. Because Apple declined to comment on Bloomberg's request, it's unclear whether the built-in iPhone capability will work similarly.

Furthermore, Bloomberg's sources were unable to confirm whether the capability would be included in Apple Pay. Since Apple purchased Mobeewave, the team building the functionality has apparently been working with the company's payments division. It's also unclear whether Apple would launch the service with an existing payment network.

Before being bought, Mobeewave teamed with Samsung to turn its phones into contactless payment terminals.They tested the feature in Canada and even gave Samsung POS, the company's point-of-sale service, a wide release there.