Apple is reportedly set to launch a service that would let businesses use their iPhones as payment terminals with no additional hardware—a move that could put pressure on market leader Block ., the feature has been in the works since 2020 when Apple paid $100 million to purchase Mobeewave, a Canadian startup whose contactless payment tech only requires NFC.
For merchants to receive cardless payments today, they need a third-party payment terminal—the device you insert your credit card into or tap your phone on when making payments at a store. When Apple’s feature arrives, businesses can throw those out and instead accept payments by having customers tap their phones or cards to an iPhone used by the merchant.
Removing the intermediary could impact other payment platforms, including Square. The digital payments company co-founded by Jack Dorsey sells point-of-sale systems to small and medium businesses. If you’ve purchased a meal from a food truck, bought merch at a concertthen you’ve probably made a purchase through a Square terminal.
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