{"id":7105,"date":"2022-01-27T03:23:08","date_gmt":"2022-01-27T03:23:08","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/27\/apple-working-on-tech-to-allow-iphones-to-directly-process-credit-cards\/"},"modified":"2022-01-27T03:23:08","modified_gmt":"2022-01-27T03:23:08","slug":"apple-working-on-tech-to-allow-iphones-to-directly-process-credit-cards","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/27\/apple-working-on-tech-to-allow-iphones-to-directly-process-credit-cards\/","title":{"rendered":"Apple working on tech to allow iPhones to directly process credit cards"},"content":{"rendered":"

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Small businesses may soon be able to accept credit and debit card payments directly through the iPhone’s onboard NFC chip without the need for external hardware. <\/p>\n

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In August 2020, it was reported that Apple purchased<\/a> Mobeewave, a payments technology startup that developed a method allowing smartphones to be used as mobile payments terminals. <\/p>\n<\/div>\n

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Now it appears that the Cupertino-based tech giant has plans for the technology \u2014 allowing small businesses to accept payments directly on their iPhones without any extra hardware, according to Bloomberg.<\/em> <\/p>\n<\/div>\n

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The move would eliminate the need for third-party hardware, such as Block Inc.’s<\/a> Square payment systems<\/a>, which currently dominate the market. <\/p>\n<\/div>\n

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Instead, small business owners would be able to tap any tap-to-pay credit or debit card onto their iPhone, allowing customers to pay them directly. This system would rely on the iPhone’s near-field communications (NFC) chip and work similarly to tap-to-pay terminals at gas stations and retail locations. <\/p>\n<\/div>\n

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As Bloomberg<\/em> points out, its not clear whether or not the NFC payment option would be branded as part of Apple Pay<\/a>, or as an entirely separate service. <\/p>\n<\/div>\n

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Apple has a number of projects involving payment options. For example, Apple Pay, launched in 2013, gives customers the ability to tap their iPhone to pay at any point-of-service that accepts NFC payments. <\/p>\n<\/div>\n

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Additionally, in 2019, Apple introduced its own credit card, the Apple Card<\/a>, launched in partnership with Goldman Sachs. <\/p>\n<\/div>\n<\/div>\n