As part of Apple's upcoming iOS 15.4 update to iPhones, the devices will now be usable as mobile payment terminals. Currently, for retailers or merchants who want to use their iPhone as a payment processor, third-party software or accessories must be purchased, such as Bluetooth or USB-C-connected devices from 'Square,' the industry leader in mobile payment processing.
Apple will now be taking this feature first-party, though. Every iPhone manufactured since the iPhone 7 generation features an NFC chip built-in for contactless tap features, such as ApplePay. Now, this feature will work both ways. Users will be able to set up an account to receive transactions in the iPhone, enable the NFC payment terminal mode, and start receiving transactions quickly and easily.
Payment Terminal-Enabled Mobile Devices
iPhones Will Soon Accept Debit and Credit Transactions
Trend Themes
1. Mobile Payment Terminals - The integration of mobile payment terminals in smartphones opens up new opportunities for retailers and merchants to process transactions with ease.
2. First-party Payment Processing - First-party payment processing offers a more streamlined solution for businesses, increasing convenience and accessibility for both merchants and customers.
3. Contactless Tap Features - The popularity of contactless tap features has grown exponentially due to the pandemic, and the incorporation of NFC technology in smartphones creates new opportunities to simplify payments even more.
Industry Implications
1. Mobile Technology - The rise of mobile technology and the integration of payment processing opens up new opportunities for companies in this industry to develop software and accessories related to payment processing.
2. Retail - The integration of mobile payment terminals presents an opportunity for retailers to streamline their payment processing systems and ultimately improve the customer experience.
3. Fintech - Fintech companies can take advantage of this technology by developing apps and other software that can function alongside smartphone payment terminals, providing e-commerce businesses more efficient payment processing solutions.