Apple is working to enable iPhones to be used as a payment terminal.
In Brief:
This will require no additional hardware to accept card payments.
According to Bloomberg, Apple has been working with a startup it acquired called Mobeewave.
A software update could be available this year.
What does this mean?
The solution would enable merchants to take payments without having to pay for extra hardware, which would especially benefit small businesses. This would provide competition for companies like Square and SumUp.
