Mobile payments are rapidly evolving, with well-known brands entering the market to advance technology. Consumers and businesses can get what they want in terms of apps and services that let them pay with their phones. From basic payment acceptance using plugin to more advanced features and functionality, devices have been designed with convenience, security and simplicity in mind. They provide the tools and flexibility needed to operate efficiently and easily.
Companies like Apple are also escalating their efforts towards digital payment methods. Recently, the company has announced its latest feature that will allow iPhone users to accept credit cards without extra hardware. It will allow various small business owners to receive payment by tapping a credit card or another iPhone onto the back of their device.
However, this is not the first time that Apple is focusing on streamlining the payment systems. Simplicity of its previous features like Apple Pay has made transactions faster than accepting traditional credit and debit cards and other payment methods. The company also offers the Apple Cash card for digital peer-to-peer payments and is developing an Apple Pay service that will allow customers to purchase items and pay for them in installments later.
From Apple Pay to tap–to-pay Apple Card
Apple Pay is the smoothest payment method for Apple users due to its strong connection with the rest of the company’s software ecosystem. It does not require additional accounts to be set up. However, one flaw with Apple Pay is that Android users can’t send or receive payments. Both parties in the transaction must use iMessage. It is essentially a virtual instant bank account for cash and payments are received instantaneously.
With the Apple card, on the other hand, personal information can be conveniently accessed using iPhone. The fee is eliminated and you have to pay less interest as well. It helps you earn a percentage of your spending as daily cash. Real cash earned is directly deposited in the Apple Cash Card wallet app that will not expire. The Apple Card has significantly contributed to the company’s efforts of bringing new advancements to its payment system.
iPhone turned into a Payment Terminal
The recently introduced feature is Apple’s next step towards bolstering its payment systems and will essentially turn an iPhone into a payment terminal. The company has been working on the new feature since it paid roughly $100 million for a startup named Mobeewave, a Canadian company that developed technology for iPhones to collect credit card payments with a tap. A built-in chip will be used in the payment system based on NFC technology. Although no precise date has been specified for when Apple will give us a sneak peek, the iOS 15.4 beta is expected to be published soon.
Given the rate at which technology is influencing the finance and payments sector, these efforts from large conglomerates like Apple will surely induce more innovations in the sector, ultimately resulting in increased convenience for users as well as providers.
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