{"id":10072,"date":"2022-01-31T13:13:05","date_gmt":"2022-01-31T13:13:05","guid":{"rendered":"http:\/\/TheNextWeb=1379219"},"modified":"2022-01-31T13:13:05","modified_gmt":"2022-01-31T13:13:05","slug":"next-up-in-apples-plan-for-financial-domination-turning-iphones-into-payment-terminals","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=10072","title":{"rendered":"Next up in Apple\u2019s plan for financial domination: Turning iPhones into payment terminals"},"content":{"rendered":"\n
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After its introduction in 2014<\/a>, Apple Pay has made spending seamless for swathes of people. Now, the company wants to move to the other side of the aisle. This time, to accept payments.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Last week, Bloomberg<\/a> reported that Apple is planning to introduce a new feature in the coming months that will let merchants accept card payments directly through their iPhones. In short, it wants to make its device a payment terminal or a point of sale (POS) machine. <\/span><\/p>\n

How will it work?<\/h2>\n

The report noted that this feature will be part of a software update in the coming months. So if you\u2019re a merchant, you won\u2019t have to go through a lot of steps to set it up.<\/p>\n

In 2020, Apple acquired Canada-based payments startup Mobeeweave<\/a>, which enabled mobile phones to act as payment terminals. Before this acquisition, the startup worked with Samsung to turn the Korean tech giant\u2019s NFC-enabled phones into POS machines<\/a>. Apple\u2019s upcoming feature is expected to work in the same way.<\/p>\n

However, there are a lot of unknowns about the product at this moment: will it be under the Apple Pay umbrella<\/span>? Will Apple use the existing payment processing network or create its own?<\/p>\n

Taking on Square and Venmo<\/h2>\n

Square is one of the biggest companies in North America when it comes to POS machines. The company sends merchants a free magstripe card reader, and charges just $49 for a contactless one<\/a>.<\/p>\n