Apple is planning a new service that will help small businesses collect payments using an iPhone.
There would be no need for additional equipment, according to Bloomberg.
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That would put Apple against Block Inc.’s Square, which currently dominates the market.
Apple has been working on the service since 2020, paying around $ 100 million for Canadian startup Mobeewave, which developed the technology.
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You pay with a touch of a credit card using the iPhone’s near-field communication or NFC chip currently used for Apple Pay.
Currently, to accept payments, merchants must use payment terminals that connect or communicate with the phone via Bluetooth, which Square uses, according to Bloomberg.
The new service would make the iPhone a payment terminal.
A rollout of the feature could come in the coming months, according to acquaintances.
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A spokeswoman for Apple declined to comment.
Apple has developed various payment products, including Apple Card and Apple Cash.