Apple will begin letting third parties use the iPhone’s payment chip to handle transactions.
Apple will begin letting third parties use the iPhone’s payment chip to handle transactions, a move that allows banks and other services to compete with the Apple Pay platform.Apple said it will allow developers to use the component starting in iOS 18.1, an upcoming software update for the iPhone.
The change will allow outside providers to use the NFC chip for in-store payments, transit system fares, work badges, home and hotel keys, and reward cards. Under the new approach, though, Apple will still require developers to pay “associated fees” to use the NFC chip and enter into a “commercial agreement,” according to Wednesday’s statement.
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