“No additional hardware or credit card machine is required to use Tap to Pay on iPhone. The feature uses NFC technology to securely authenticate the contactless payments, plus the feature also supports PIN entry, which includes accessibility options.”
Except now Apple is saying you don’t need the Square device to accept payments.
So Square loses out from the processing fees from each transaction if Apple does it itself on the iPhone directly
That’s not true though. The payment processing still runs through square. The hardware is Apple.
Really? Then this is sloppy writing:
“No additional hardware or credit card machine is required to use Tap to Pay on iPhone. The feature uses NFC technology to securely authenticate the contactless payments, plus the feature also supports PIN entry, which includes accessibility options.”
That says to me Square is out of the circle 🤷♂️
Yep, there’s more about it here:
https://squareup.com/us/en/payments/tap-to-pay