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Upcoming iOS Update Will Allow iPhones to Accept Credit Cards Directly Using NFC

DrV said:
Interestingly, this (transfer wealth between each other instantly without fees) is reality in many European countries. I have an app which only requires the other party's phone number, and if they have the same app (many, if not most, do), money is transferred in seconds with a few clicks. I can also get the same thing done by using my bank's mobile app and a bank transfer. Sometimes there is a delay depending on the banks, but the euro-area banking system will allow real time transfers between countries in the near future. At no cost to the customer.

(Of course, the customer will always pay one way or another, but there is no transfer cost.)

And no, banks have not gone bust.
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Are you referring to Revolut? That is also very popular in my country (in Europe) and it's been available for a few years now.
 
Scottsoapbox said:
Apple is getting something out of this. Best case it works with Apple pay only (for free). Otherwise, it has a fee that is just slightly cheaper than square and company.
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No, best case is that Apple makes this functionality available to third-parties. Not going to happen. They won't ever even let third-parties use their NFC hardware for _making_ payments unless some government starts to force them to.
 
"Apple is planning to roll out on-iPhone card payments in the coming months, perhaps including it in the iOS 15.4 update that could launch in the spring."

Hard to believe Apple will release this in a .1 update for all existing iPhones. I'm sure they will wait to announce it at WWDC to fuel the hype for iOS 16, and they will surely find a way to limit it to more recent iPhone models.
 
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Abazigal said:
Well, Apple has this ability to generate burner emails, no?
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Sure, but how will the shop's system get such a burner adress? If you pay with Apple Pay you could of course transfer via NFC but if you pay by some random card it get's a bit harder.
 
xxray said:
I wish Apple would replicate Samsung’s feature of magnetic swipe on terminals that don’t NFC so that I truly wouldn’t have to worry about ever bringing my credit card anywhere.
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Luckily we don't have that problem in Europe. The US should really get rid of that magnetic swipe system.
 
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hagar said:
"Apple is planning to roll out on-iPhone card payments in the coming months, perhaps including it in the iOS 15.4 update that could launch in the spring."

Hard to believe Apple will release this in a .1 update for all existing iPhones. I'm sure they will wait to announce it at WWDC to fuel the hype for iOS 16, and they will surely find a way to limit it to more recent iPhone models.
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Something like this will likely be rolled out to all iphones that sport NFC chips. If you want it to get mainstream adoption, you want it available on as many iphones as possible on day one.

At this point, Apple doesn’t need you to keep buying iphones; they just need you to keep using them.
 
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contacos said:
As usual, this won’t really work for the German market as it is obligatory to give out a printed out receipt since about 2 years ago or so
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That's not really a problem. There are AirPrint compatible receipt printers from Brother and Star, as examples.
 
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How does the person with the card stop the transaction if is done by error or criminal means? They won’t get a notification as it’s a card?

This surely can’t be allowed unless the device that is paying is behind a security measure.

It can only mean accepting ApplePay device to device rather than card to device surely.
 
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Relentless Power said:
It probably doesn’t mean total elimination with the likes of Square reader, but over the course of time post roll-out of this feature, it still takes transactions away from them. But at some point, you would think a company like Square Reader had to realize that this was coming with the integrated chips that are on cards.

But the end factor is, this eliminates any additional hardware you would need to complete a transaction, which when it comes to technology and shortcuts, convenience is king.
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Sure, it will also depend on the transaction cuts Apple will be taking and whether or not it will be easy for businesses to integrate it into their existing workflows. For example, my payment terminal is now directly linked to my business bank account. Also, if Apple makes API available, the current payment service providers should be able to integrate it into their systems. Could be a win-win for all.
 
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Think I’d better get myself one of those NFC blocking wallets if any old iPhone could now be a contactless checkout…
 
Perhaps it will just be used to top up your App Store allowance or your Apple Pay Cash wallet?
 
mapsdotapp said:
will Apple be able to negotiate a better transaction fee than Stripe et al? if they do, game over!
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Probably, they will likely work with Visa/Mastercard directly on fees. Although the 2.9%+30 cents is pretty much industry standard so I wouldn't be surprised if they were close to that.
 
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Like Apple Pay Cash, I look forward to this never being activated in Canada.
 
square and its competitors make their money in the backend processing of cc transactions. This announcement just eliminates the additional hardware square needs to provide. Unless Apple plans to get into business cc transactions support I don’t think it will adversely effect Square.
 
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While they had to buy the company that invented this - this is a great idea. Finally a cool feature to come to a future version of iOS.
 
Do you guys really think Apple didn’t think about the possibility of two pockets “accidentally” bumping into each other for someone to try to steal money from you??
 
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This is great! I'm surprised there still isn't a quick way to exchange contacts by simply bringing your iPhone next to another. Unless I just don't know about it? I remember years ago there was an app called "bump", but first of all — it didn't work all that well and secondly — both parties needed to have it installed on their phones...
 
alexandr said:
This is great! I'm surprised there still isn't a quick way to exchange contacts by simply bringing your iPhone next to another. Unless I just don't know about it? I remember years ago there was an app called "bump", but first of all — it didn't work all that well and secondly — both parties needed to have it installed on their phones...
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There was a beam feature on Android many years ago that offered this. Not sure why it died.
 
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