CUPERTINO, Calif.—Apple said it plans to introduce a contactless payment option later this year that will let businesses use iPhones to process transactions in stores without any additional hardware, competing with services like Square.
The new tap-to-pay feature will allow U.S. merchants of all sizes to accept payments simply by holding their iPhone close to the customer's iPhone or Apple Watch, CNN reported.
It also works with contactless credit and debit cards.
“The feature, which will be included in an upcoming iOS beta update and will only be available on iPhone XS models and later, could help Apple deepen its relationships with retailers,” CNN stated. “Payment data will be protected by the same technology used on Apple Pay, with all transactions encrypted.”
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