Speed point machines could soon become a thing of the past. Apple is currently working on a new technology that will enable iPhones to accept payments directly using contactless technologies, Bloomberg reports.
This means all good news to small businesses that accept contactless payments.
According to the report, the feature will arrive in the coming months through a software update – and will require no extra hardware.
The system will likely use the iPhone’s near field communications, or NFC, chip that is currently used for Apple Pay.
The new feature has been in the works since 2020 after Apple coughed about $100 million for a Canadian startup Mobeewave which develops payments technology for smartphones.
This feature is not to be confused with the current and popular Apple Pay, a service that lets users pay for goods and services with their iPhones in retail stores using an NFC chip built into their iPhones.
Make sure to stay tuned and know when this feature officially launches.