Apple CEO Tim Cook speaks about Apple Pay during a special Apple event at the Flint Center for the Performing Arts on September 9, 2014 in Cupertino, California.
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Apple announced on Tuesday that it will release a new Tap to Pay feature for iPhones that lets people buy from merchants by tapping their phones together. It also works with contactless credit cards.
This announcement turns the iPhone into a productive sales terminal with no additional hardware required. UnitIts first major product, a smartphone dongle that allows merchants to accept credit card payments, fell just over 2% in Tuesday’s trading.
Apple says Stripe will be the first payment operator to offer the service, and it will be integrated into Shopify’s point of sale product. Shopify’s stock was flat on Tuesday.
The service will use the iPhone’s NFC chip and will also accept Apple Pay. It will accept Visa, American Express, Mastercard and Discover.
The announcement is Apple’s latest move into the financial services industry. It currently operates Apple Pay, a contactless payment service, Apple Pay Cash, a peer-to-peer payment service, and Apple Card, a credit card for iPhone apps operated in conjunction with Goldman Sachs.
Apple reported $68.43 billion in services revenue for fiscal year 2021, which ended in September. Apple Pay and Apple Card are components of its services segment.
Apple says the feature will be accessed through third-party apps, which will be released later this year. Payment companies and other app developers will be able to develop apps that access the touch-to-pay feature in the upcoming iOS version, the iPhone operating system.
