The service will allow merchants to accept contactless credit or debit cards when customers tap it on the merchant’s phone.
said that Stripe would be the first payment operator to offer the service, and it would be integrated into Shopify's point-of-sale product. Shopify 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 the latest move from Apple into the financial services industry. It currently operates Apple Pay, a contactless payment service, Apple Pay Cash, a peer-to-peer payments service, and Apple Card, an iPhone app-oriented credit card operated in conjunction with Goldman Sachs.
Apple reported $68.43 billion in services revenue for its fiscal 2021, which ended in September. Apple Pay and the Apple Card are components of its services segment.
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