Smartphones are absolutely packed with technology, which means they’ve replaced devices like calculators, cameras, routers, and other tools. A new report claims that Apple’s iPhones may start accepting tap payments using near-field communications (NFC), thanks to an upcoming update.

As reported by Bloomberg, small businesses may soon accept payments ‘directly on their iPhones’. This is without the need for any additional hardware – just a software update.

Pay on my iPhone, thanks

In 2020, Apple acquired a Canadian mobile payment solution start-up called Mobeewave. The tech allowed any smartphone to accept payments from a credit card using NFC technology. That’s the same tech that’s utilised by Apple Pay and other brands’ tap-to-pay features.

“The upcoming feature will instead turn the iPhone into a payment terminal, letting users such as food trucks and hairstylists accept payments with the tap of a credit card or another iPhone onto the back of their device,” Bloomberg explains.

If you want to accept payments from customers right now, you need to use a standalone payment terminal (like those found in chain stores), or mobile terminals. Many of these (like Yoco and iKhoka) connect to a mobile device to make use of its mobile connection. The pending update means that any merchant, no matter how small, will be able to accept payments for products or services using only their iPhone.

Sources expect the brand to launch the feature with an upcoming iOS update, likely as part of its event planned in the coming weeks. Hopefully then we’ll also find out that the feature is supported in countries other than the States. Otherwise, it might be a wait before local SMEs can make use of this function.