Apple said it is expanding the iPhone's capabilities to accept contactless payments, making it easier for merchants to conduct tap-to-pay transactions without having to buy additional hardware.
FILE - The line-up of the Apple iPhone 13 is displayed on their first day of sale, in New York, Friday, Sept. 24, 2021, iPhone 13 mini, foregroud, iPhone 13, iPhone 13 Pro, and iPhone 13 ProMax, left to right, background. On Tuesday, Feb. 8, 2022, Apple said it is expanding the iPhone's capabilities to accept contactless payments, making it easier for merchants to conduct tap-to-pay transactions without having to buy additional hardware.
The iPhone has been used as a contactless way to pay for goods and services since Apple Pay launched in 2014. But it required merchants to have their own point-of-sale hardware in order to accept contactless payments. Shares of payment platform company Block, formerly known as Square Inc. with its well-known iPhone dongle used to accept payments, fell more than 1% on Tuesday after Apple’s announcement.
Because of the cost, often only large retailers would have mobile tap-to-pay devices. Apple’s own retail employees have used a device bolted onto an iPhone to accept contactless payments in its stores, for example. Now the iPhone will be able to act as a payment terminal itself, without any additional hardware, Apple said. The tap-to-pay feature will use the iPhone's existing NFC chip that was being used to transmit payments down to a payment terminal. It will be available to developers via an iOS software update this spring. It will be up to developers and payment-services companies to add the capability to their point-of-sale software.
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