Apple to roll out new feature enabling iPhones to accept credit cards

One of the world’s biggest tech companies is set to add an incredible new feature that could become a hit with businesses

Apple is planning a new service that will allow small businesses to accept payments directly on their iPhones without any extra hardware.

The information, revealed by Bloomberg News on Wednesday, cited people with knowledge of the matter.

The report detailed that for payments to get accepted on an iPhone, retailers currently use payment terminals to receive money on their iOS devices that are connected via Bluetooth, such as Block Inc’s Square payment systems.

This new feature from Apple will instead turn the iPhone into a payment terminal

It will allow merchants to accept payments with the tap of a credit card or another iPhone onto the back of their device, the Bloomberg report said.

The system will likely use iPhone’s near field communications, or NFC, chip that is currently used for Apple Pay.

The report added that the feature may roll out through a software update in the coming months.

Apple declined to comment on the report when contacted by ticker NEWS affiliate, Reuters.