Apple is taking on Square and other portable payment processors with its greatest weapon -- the iPhone.
Apple today announced plans to turn hundreds of millions of iPhones into portable card readers with its new Tap to Pay initiative. This is a feature rolling out later this year in the U.S, enabling iPhones to accept payments over Apple Pay and other contactless payment methods with the same ease of use as one would a regular terminal. The company is opening this up with Stripe and Shopify integration this spring.
“Whether you’re a salesperson at an internet-first retailer or an individual entrepreneur, you can soon accept contactless payments on a device that’s already in your pocket: your iPhone,” said Billy Alvarado, Stripe’s chief business officer. “With Tap to Pay on iPhone, millions of businesses using Stripe can enhance their in-person commerce experience by offering their customers a fast and secure checkout.
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