Apple Turns iPhones into Payment Terminals

Apple plans to make iPhone devices payments terminal. By doing so, it should enable businesses to accept funds on smartphones in place of dedicated devices.

Tap to Pay on iPhone will be available to software developers to enable them to integrate the service with iOS apps which merchants can then use to accept payments. Apple explained the system is compatible with contactless debit and credit cards, and Apple Pay.

Apple stated the service will encrypt all transactions and it will not receive details of purchases. For business owners, Tap to Pay probably will not eliminate the need to purchase payment terminals because it only works for iPhone users. Apple announced financial services company Stripe will be the first developer to integrate the system, planning to use it in point-of-sale app Shopify.