CUPERTINO, Calif.—Apple is planning a new service that will let small businesses accept payments directly on their iPhones without any extra hardware, according to a new report.
The tech giant has reportedly been working on the new feature since around 2020, when it paid about $100 million for a Canadian startup called Mobeewave that developed technology for smartphones to accept payments with the tap of a credit card, according to Bloomberg, which cited sources close to the project.
The system will likely use the iPhone’s near field communications, or NFC, chip that is currently used for Apple Pay, Bloomberg said.
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