Apple will allow businesses to accept payments directly on their iPhones, without the need for any additional hardware, such as the terminals from Block’s Square payment company.
Fintechs Stripe and Shopify Point will be the first to offer click-to-pay to business customers in the United States, Apple said in a statement.
The feature, to be launched later this year, will use NFC technology and allow businesses to accept credit and debit cards and other digital wallets with just a tap of the device.
Block shares tumbled 2% on Tuesday, while Apple shares traded close to stability.
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