Apple Could Soon Turn iPhones Into Payment Terminals For Businesses

People’s lives revolve around their smartphones. More than phones, the devices are also cameras, gaming consoles, personal archives, and digital wallets—and now, they could become a payment terminal for businesses. 

Bloomberg reports that Apple could be stepping up against payment gateway Square by turning its iPhones into portable payment terminals, as per “sources familiar with the matter.” 

The feature would essentially be the opposite of the digital wallet, in which users would now be able to accept credit or debit card payments on the device instead of using a digital copy of their cards to pay a retailer.  

According to Mashable, at the moment, businesses aren’t able to use just iPhones to accept payment and are required to pair it up with an intermediary device, such as Square. 

By releasing this new function, Apple would be cutting out the middleman and allowing business owners to create a complete payment system just from their iPhones.

Fortune noted that it’s still unclear if the brand will package the feature as part of its existing Apple Pay, though it’s been reported that the team has been working on this function since the payments division was integrated from Mobeewave.

It’s speculated that the company could release the first beta version of the payment system with iOS 15.4 in the coming months, though spokespersons from Apple have declined to comment on the matter.

Could we see the new function rolled out by spring? Perhaps, and it’s sure to revolutionize how small business owners accept card payments.

[via Mashable and Fortune, cover image via Prykhodov | Dreamstime.com]