Accept credit card payments using iPhone
Apple will soon enable people to accept payments using their iPhones. No need to buy additional piece of hardware to accept tap to pay payments. Do you see this will impact companies like square? What do you think of this offering by Apple?
Verifone Stoically Jan 27, 2022
Fully expected, and a long time coming. Mobeewave purchase a couple of years back was the signal. Been very quiet since then. I expected to hear something official about it last WWDC, but was likely delayed until this year’s conference.
Merchant processing business is not based on devices.. Larger portion of revenue is based on trxn acquiring fees of trxn , device lot of processor rent for low price or free as well. Also Unfortunately not all payments are Emv chip card based yet , Prepaid cards, ebt cards, HSA cards so merchant will need this processing as well so they had to have full capable devices unless they decided to loose that business. I added some SQ and ADYEY
Correct. Non-EMV transactions can already be processed with current phones using camera in most cases. This is a blow to the hardware manufacturers, not the processors.