New iOS update to allow iPhones to accept credit cards using NFC

The US-based tech giant has been reportedly working on the new feature since 2020 and the new system will use iPhone’s near field communications (NFC) chip that is currently used for Apple Pay.

The company worked alongside Canadian fintech Mobeewave to develop the necessary technology, the same startup that was previously backed by Samsung and implemented credit card acceptance with a tap on its smart devices in 2019.

In the past couple of years, Apple has expanded its interest in the payments sector, starting with the launch of the Apple card in the US, back in 2019. The Apple Cash card is used for digital peer-to-peer payments, while a new service for Apple Pay should introduce the company’s in-house BNPL service, where customers can shop and further pay for their products in installments.

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