Apple is working on a new service that will accept payments directly on the iPhone without additional hardware.
Currently, iPhones can accept credit cards with additional accessories such as Square Reader, but new technology developed by Apple will remove the need for a third-party device. As Bloomberg reports, individual users and businesses will be able to accept payments simply by holding their credit or debit card close to the iPhone, using the smartphone’s built-in NFC chip.
Apple started developing the credit card payment option without additional hardware in 2020 after acquiring Mobeewave for around $100 million. Mobeewave was a startup that had created smartphone technology capable of accepting payments via NFC.
At the time, the Mobeewave website explained that sending payments with the Mobeewave app was simple, as all one had to do was enter a transaction amount and hold an NFC-enabled card to the back of a smartphone. Apple’s pending payment feature will likely work the same way.
Bloomberg says it’s not yet clear if the payment service will be integrated with Apple Pay, but since it’s not a hardware feature, it could be enabled as early as the next few months, possibly with the update to iOS 15.4 expected in spring.