Apple is currently working on an update that is expected to transform its iPhone to become a payment terminal. The new terminal will enable the users to accept payments with just the tap of a card.
While ‘people with knowledge of the matter’, Bloomberg states that the firm has now been working on the new feature since about 2021 when it paid around $100 million for the Canadian startup Mobeewave.
This feature might result in a setback to Square and the new breed of SoftPOS vendors, by offering the tap-and-pay functionality as an integrated part of the device, without any help from a third party.
Apple might start rolling out the feature through a software update in the coming months, as highlighted by Bloomberg sources. The firm is now expected to release the first beta version of iOS 15.4 in the coming years, which might see a final release for consumers as early as the Spring.