Apple NFC Wireless Tap-To-Pay Technology: iPhone Users May Soon Use Their Devices to Pay Contactless

iPhones might be getting an awesome update later this year. This is a feature that lets users accept payments directly to their smartphones without extra hardware. Note that wireless tap-to-pay systems might be critical for contactless payments.

For reference, businesses today who want to accept payment via Apple Pay need to use external and third-party hardware like card readers or scanners. These payment terminals usually communicate to the iPhone via Bluetooth.

In comparison, the incoming Apple update teases an iPhone to iPhone trade. This means merchants can skip buying the terminal and invest their money on much more meaningful purchases.

Apple NFC Wireless Tap-To-Pay Technology

Ideally, the update would only require two iPhones to be in close proximity to start their trade. At times, they might have to tap each other's back to receive the communication signals. 9to5Mac speculates the incoming Apple system would utilize near field communications (NFC) technology, which already exists for Apple Pay. This could also mean that Apple Pay will complement this new update.

Bloomberg pointed out that Apple has already been working on this feature since 2020. This project is probably linked to Apple's acquisition of the Canadian startup Mobeewave, which happened in the same year. Before Mobeewave started working for Apple, it advertised its services as a way to "seamlessly accept credit card payments with a tap on your phone." Note that Mobeewave also utilizes NFC features.

Apple Pay New Feature: iPhone Contactless Pay

Bloomberg noted that this incoming Apple feature might impact its current economic markets. One heavily affected group will probably be payment providers that rely on Apple iPhones to facilitate their sales, like Block Inc's Square.

If Apple opens this feature to all apps, Square could continue receiving payments via its system. However, if Apple integrates the incoming feature to Apple Pay, then they would directly compete with Square's services. In the long run, Apple Pay might eventually replace it.

Bloomberg said Block representatives did not respond to their request for comment on the topic. The same situation also applies for the Apple representatives.

How to Get The Apple New Feature

The report from Bloomberg described the details for this incoming Apple project. Unfortunately, it failed to elaborate on the time frame. There is no release date for this Apple tap-to-pay update.

However, many remain hopeful the feature might be released in an incoming software update. Some say it would be released in the "coming months," which implies the iOS 15.4 update.

Notably, iOS 15.4 is still in its beta testing phase. Its final release might happen during the spring season.

Be warned that Apple has yet to acknowledge this update officially. Until they have made their announcement, readers should take in this information with a pinch of salt and some skepticism. Hopefully, more details might be revealed in the coming weeks.