iPhone users: You'll soon be able to turn your phone into a payment terminal

Apple is adding a new feature to the iPhone that will allow users to turn their iPhone into a payment terminal without relying on additional payment hardware. Once the feature is available to the public, merchants will be able to accept payments directly on their iPhones by tapping a credit card or another iPhone to the back of the device.

The Cupertino tech giant has been working on this feature since 2020. Nearly two years after it acquired Canadian company Mobeewave for $100 million to make the iPhone a payments hub, Apple and Mobeewave appear to have made significant progress so the company appears ready to roll out the feature in the coming months.

The new payment terminal feature uses the iPhone’s near-field communication chip to seamlessly conduct transactions. It will be interesting to see if Apple labels this feature as an extension to Apple Pay.

The new feature does not apply to all iPhones because not all iPhones are equipped with NFC chips. You'll need an iPhone 7 or newer to use this feature, as they both have an NFC chip built into them.

New features may be rolled out via software updates in the coming months, but we don’t know when new features will be available to users.

Meanwhile, Apple is gearing up to launch new iPhone SEs powered by M1 Pro and M1 Max chips, a 27-inch iMac and a high-end Mac mini. Apple will reportedly announce the new devices at a virtual event in March or April.

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