The retail landscape has certainly changed a lot compared to before. Back then, anyone running a small stand at a farmer’s or flea market could only pay in cash on the spot.
However, thanks to companies like Square, they’ve developed handheld credit card readers that connect to smartphones, allowing retailers to accept credit/debit cards from their customers, but all of that could soon be moot. Because according to a report by Bloomberg, Apple is working on an iOS update that should allow iPhones to accept card payments without additional hardware.
As you may know, it took Apple a while to introduce NFC to its iPhones, long after many Android devices have already started using it. We’ve seen NFC used for Apple Pay before, and now this report claims that the iOS update will allow iPhones to accept card payments simply by tapping the card on the back of the iPhone, like you would with a contactless credit card reader.
This shouldn’t be too surprising given that in 2020 Apple acquired startup Mobeewave, which was working on technology that would allow smartphones to accept NFC payments, so this would basically be Apple using its investment wisely. This is great news for retailers who may be running small stands or pop-up stands and want to give their customers more ways to pay for goods or services.
There’s no word on when this iOS update is likely to be released, but we might learn more about it when WWDC starts mid-year.
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