The Apple feature will allow businesses to use an iPhone to accept Apple Pay, contactless credit and debit cards, and other digital wallets.
Photo:
David Paul Morris/Bloomberg News
Apple Inc.
AAPL 1.85%
said it would launch a tap-to-pay feature that will allow businesses and retailers to use an iPhone to accept Apple Pay, contactless credit and debit cards as well as other digital wallets without any other hardware necessary.
Apple said Tuesday the feature will be made available to payment platforms and app developers to integrate into their iOS apps and offer as a payment option to business customers.
With the feature, merchants would be able to accept payment from customers by having them hold their iPhone or Apple Watch near the merchant’s iPhone to pay with a digital wallet like Apple Pay or a contactless credit or debit card.
Payment processor Stripe Inc. will be the first platform to offer the feature this spring to its customers, which include
Shopify’s
SHOP 1.28%
point-of-sale app, Apple said. Other payment platforms and apps will start offering the feature later this year, the company said.
“Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences,” said Apple’s vice president of Apple Pay and Apple Wallet
Jennifer Bailey.
The new feature could cut into the business of companies like
Block Inc.,
formerly Square Inc., which makes hardware for stores and businesses that allows them to accept contactless payment. Shares of Block fell about 1% in midday trading on Tuesday.
“Whether you’re a salesperson at an internet-first retailer or an individual entrepreneur, you can soon accept contactless payments on a device that’s already in your pocket: your iPhone,” said Stripe’s chief business officer
Billy Alvarado.
Apple said that the company won’t be able to access what is being purchased or who is buying it. It said payment data is encrypted and protected by the same technology used for its Apple Pay.
Apple said the feature will work with credit and debit cards from various payment networks, including American Express, Discover,
Mastercard,
and
Visa.
Write to Will Feuer at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared in the February 9, 2022, print edition as ‘Apple Turns Phone Into Cash Register.’
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