Apple has announced plans to make the iPhone a payments
terminal, enabling businesses to accept funds on the smartphone in place of
dedicated devices.
The new payment feature dubbed, Tap to Pay is expected to be
available on the iPhone XS and later other models.
Available to software developers to enable them to integrate
the service with the iOS app which merchants can then use to accept payments, the
company said that this feature would be available on the Xtra payment platform,
app, and Apple stores in the US.
It has mentioned financial services company, Stripe as the first
developer to integrate the system, planning to use it in point-of-sale Shopify.
Apple said that while the system is compatible with
contactless debit and credit cards and Apple Pay, its service will encrypt all
transactions and will not receive details of purchases.
By: Kanto Okanta
