Last month, we reported that Apple is working on NFC-enabled technology that will essentially let iPhone users receive card payments seamlessly with their device acting like a Point of Sale (POS) terminal for contactless debit and credit cards. Now, Apple has officially announced this feature.

The company has announced that the new Tap to Pay feature will debut in spring with Stripe and will empower millions of merchants across the US, from small businesses to large retailers, to use their iPhone to seamlessly and securely accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone.

Apple is not keeping the functionality exclusive to its platform and has announced that the feature will be available for third-party payment platforms and app developers to integrate into their iOS apps and offer as a payment option to their business customers.

Jennifer Bailey, the vice president of Apple Pay and Apple Wallet stated that “As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone.” She further added, “In collaboration with payment platforms, app developers, and payment networks, we’re making it easier than ever for businesses of all sizes — from solopreneurs to large retailers — to seamlessly accept contactless payments and continue to grow their business.”

Once the functionality is made available, users of iPhone XS and above will be able to access the Tap to Pay feature through a supported iOS app.

For now, Stripe has launched a landing page for this new feature and is allowing businesses and individuals to participate in the beta testing of the functionality.

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(Source)

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Apple is working on a new feature that would make it easier for their iPhones to accept credit card payments. The feature will likely take advantage of NFC technology present on the iPhone and enable small business owners to accept card payments directly through their iPhones.

According to a Bloomberg report, a Canadian company Mobeewave was developing this technology that would allow smartphones to take payments with just a tap of the card like a Point of Sale (POS) terminal. The feature is directed towards micro-merchants like street vendors, street artists, food trucks, etc., and provides them with an easy solution for accepting card payments without the hassle of additional equipment like a payment terminal machine.

The company was acquired in 2020 by Apple, which has ever since been working to retire and integrate into their iPhones. It is worth noting that before its acquisition by Apple, Samsung sponsored the company as a startup and the South Korean giant even integrated the Mobeewave payment acceptance technology into their smartphones and tested it in Canada. Back then, the technology was usable through a dedicated app and used NFC for reading card data.

It is currently unknown whether this feature will be a part of Apple Pay are will come with a different dedicated app on the iPhones. In the past, Mobeewave has partnered with Canada national bank to use their payment network app EasyPay, however, it remains unclear if Apple intends to partner up with an existing payment network for this endeavor.

Sources have stated that iPhone users can expect the feature to arrive on their devices in the coming months via a software update. Apple is also rumored to announce the iOS 15.4 beta soon, which may bring this feature along for testing.

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Apple has acquired Mobeewave, a Canadian startup that works on a technology to turn iPhones into mobile payment terminals. The development was first reported by Bloomberg. The acquisition could help Apple expand its reach with merchants for Apple Pay.

The company’s technology, which only requires NFC chip to work, allows users to tap on their smartphone or credit card to another device for processing payment. Since all iPhones after iPhone 6 come with NFC chip, it is compatible with all the iPhones currently available in the market.

As per the report from Bloomberg, Apple is retaining the entire team of Mobeewave, which employs around 100 people, all working from the Montreal office. It is also being reported that the office will remain as it is.

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Interestingly, Samsung had partnered with last year to enable Samsung smartphones to use the company’s technology. This resulted in a pilot program with over 10,000 downloads of Samsung’s POS app, which smaller businesses used to boost sales. Samsung’s venture capital arm is also an investor in the company.

Apple has a history of buying startups and then turn their technology into features for the company’s own products. Thus, we could see the use of Mobeewave’s technology in Apple Pay, allowing anyone with an iPhone to accept payments without additional hardware.

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