Apple has plans for a new service to help small businesses collect payments with an iPhone.
According to Bloomberg, no additional equipment would be required.
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That would put Apple up against Block Inc.’s Square, which currently dominates the market.
Apple has been working on the service since 2020, when it paid about $100 million for Canadian startup Mobeewave, which developed the technology.
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You pay with the tap of a credit card using the iPhone’s Near Field Communications or NFC chip, which is 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 turn the iPhone into a payment terminal.
According to confidants, the function could be rolled out in the coming months.
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An Apple spokeswoman declined to comment.
Apple has developed various payment products, including the Apple Card and Apple Cash.