On June 2, Reuters reported that Block Inc. collaborated with Apple to test Square’s “Tap to Pay” payment function on the iPhone. Apple will expand its payment network with Block. The new technology will only be tested with a select group of providers. The Block has hand-picked the bestsellers through an early access programme and then collaborates with them until the payment integration is complete. So, the “tap to pay” service is yet to be released by Block and Apple. According to the sources, Apple users will be able to use the new payment connection before the end of the year.
Both firms partnerships begin with an Early Access Program that allows sellers and vendors to test out the functionality. According to the sources, sellers simply need an iPhone and the Square Point-of-Sale (PoS) software to use the service. Square’s PoS app does not enable crypto payments. It is uncertain whether Jack Dorsey’s Block will provide digital asset payment capabilities for Square’s Point-of-Sale service.
Square Payments is a subscription-based transaction service created by Block Inc. (previously known as Square Inc.) to provide speedy and secure settlements for small and medium-sized enterprises. The firm also owns Cash App, a prominent peer-to-peer payments network that allows Bitcoin transactions.
Apple has stated that the capability will be available to corporate customers in the US beginning in the summer of 2022. According to Apple, ‘Tap to Pay’ will be accessible to Stripe and Shopify Point customers in the United States first. The movie will be made available to a wider audience after its first publication. Back in February, Shopify Point and Stripe were announced as the service’s initial partners.
Apple is also developing a ‘buy now, pay later’ service technology. Not much information has been disclosed about the project till now. However, the sources stated that the corporation is now concentrating on payments and fintech.
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