The horizon of digital payments is broadening. By the end of the year, US companies will be able to accept payments on their iPhones from touchless cards or other iPhones, and no additional hardware will be required. The system launched by Apple will work by tapping the buyer’s and seller’s devices. “The new functionality will allow millions of merchants in the United States, from small businesses to large retailers, to use their iPhone to accept payments,” Apple said.
Cupertino explained that the Stripe payment platform will be the first to offer the tap to pay system in the spring and that others should follow by the end of the year. The system is Apple’s latest push in financial services, including its Apple Pay payment feature, and offers competition to Block’s smartphone hardware that allows merchants to swipe customer cards.
With the ‘tap to pay’ system in the United States, customers would also be able to use credit and debit cards such as Visa and Mastercard as long as they have the contactless function.
Apple is not the first to turn its flagship smartphone into a payment terminal without requiring additional equipment: South Korean Samsung launched a similar offer in October 2019. (ANSA).
Source: Ansa
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