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Apple Could Turn Their iPhones Into A Payment Terminal

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Standing in the technologically advanced era, it is very important to cope up with the latest ecosystem of the online payment industry. There are many companies that are trying their best to maintain a strong grip over the competitive market. Among them, Apple is probably making surprising moves. Recently, this giant U.S. Company has owned a technology start-up. News is coming that this company is planning to transform their iPhones into a payment terminal.

Well, we are quite familiar with the popularity of iPhones and after the arrival of COVID-19, people are preferring online payments more than cash payments. SO, this is the right time to promote online payment terminals. When you have a mobile payment terminal on your phone, you don’t have to worry. You can make online transactions easily.

As per Bloomberg, Apple has owned a Montreal based company, Mobeewave. However, the process is not completed yet. The report says that there is a need for an NFC chip to make a contactless transaction. After installing the NFC chip, the iPhone users can make an online transaction in a contactless way by tapping their phone on another iPhone.

NFC technology is not a new thing and Apple has already introduced this remarkable technology in its iPhone 6. So, after pairing with the new tech company, Mobeewave, Apple users will not have any problem to make contactless payments.

On the other side, merchants will not have to invest money in purchasing advanced payment terminals. As their iPhone will have the capability to process online transactions. So, if you are a small retail merchant who has just started an online business, this is going to be very good news for you.

However, it was for the point-of-sale program. So, the scenario clearly indicates that top mobile manufacturing companies are focusing on the online payment industry. And they are trying to grab this market as they did with the mobile phone market. According to some news portal. It is going to be big trouble for other companies who have been trying to grab this market for many years. Samsung and Apple already have a big customer base and, so, it will be very easier for them.

However, from the perspective of customers. It will be very good as it will change the entire ecosystem of payment industry.

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