Jack Dorsey’s Block Inc and Apple team up for iPhone contactless payment functionality

Summary:

  • Block will integrate Square’s payment infrastructure into Apple’s upcoming “Tap to Pay” feature.
  • The update for iPhones is expected to roll out later in 2022 according to reports.
  • Square’s Point of Sale app will facilitate the contactless payment service.
  • The payment portal does not yet support cryptography.
  • An early access program has been announced to help vendors test the integration.

According to a Reuters report on Thursday, Apple’s upcoming “Tap to Pay” feature for iPhones will be integrated with Block Inc’s Square payment facilities, enabling in-person contactless payments and faster transactions as the tech gearing up to get into fintech. industry.

Square Payments is a subscription-based transaction service developed by Block Inc (formerly Square Inc) to enable fast and secure payments for small and medium businesses. The company also owns the popular peer-to-peer payment portal known as Cash App, which supports Bitcoin transactions among other things.

The collaboration between the two companies begins with an early access program to allow vendors and vendors to test the feature. Sellers only need an iPhone and a Square Point-of-Sales (PoS) app to take advantage of the service, according to the Reuters report.

However, Square’s PoS app does not support crypto payments, while the Cash App service does. It remains unclear if Jack Dorsey’s Block will enable digital asset payment facilities for Square’s PoS service.

Apple previously announced that the feature would go live for business customers in the United States starting in the summer of 2022. The tech giant also unveiled Shopify Point and Stripe as its first partners for the service in February.

Apple’s Fintech and Crypto Extension

The tech giant has continued to dip its toes into the world of cryptocurrencies since 2019 after Apple Pay vice president Jennifer Bailey revealed that the company has its sights set on digital assets. Bailey also said Apple was exploring the industry’s long-term potential.

MetaMask announced support for Apple Pay in March 2022, providing exposure to on-ramp fiat services for its more than 30 million monthly users. Now MetaMask wallet users can take advantage of the Apple Pay service to purchase crypto directly from their bank accounts.

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