Apple to turn iPhones into payment terminals in fintech push – Reuters

Apple to turn iPhones into payment terminals in fintech push – Reuters

Feb 8 (Reuters) - Apple Inc (AAPL.O) is introducing a new feature that will allow businesses to accept credit card and digital payments with just a tap on their iPhones, bypassing hardware systems such as Block Inc's (SQ.N) Square terminals.

The feature, to be launched later this year, will use near field communications (NFC) technology for making all kinds of payments, including between iPhones, Apple said on Tuesday. The tech giant added that it would not know what was being purchased or who was buying it, stressing on the services privacy feature.

Fintech services Stripe and Shopify Point will be the first to offer the "Tap to Pay" feature to business customers in the spring of 2022 in the United States, the company said in a statement.