No magnetic stripe readers or other external boxes will be required; just an app.
This technology is already available for Samsung phones, but Apple could take it to the next level.
This could revolutionize the way we pay each other.
Apple
What Difference Does This Make?
In many countries, the credit card is already most peoples default payment method.
And almost everywhere outside the US, NFC card terminals are the default.
Those are the terminals that wirelessly read the chip embedded into a card.
Almost nobody uses magnetic strip readers to swipe cards anymore.
Those remain only for legacy compatibility, and theyre far less secure.
In the UK, where contactless payments are already the norm, cash is almost dead.
I cant remember the last time I used cash, UK-based writer Luke Dormehl told Lifewire.
Its heading more in the direction of contactless payments.
In turn, this makes cash even less convenient when you do need it.
The Apple/Mobeewave setup could open up entire new markets for small traders.
Imagine being able to pay by credit card at a pop-up flea market when youre on vacation.
How Will It Work?
Last year, Mobeewave partnered with Samsung for apilot scheme in Canada.
The beauty of the system is that it works with existing technology.
Credit cards need to contain a chip, and almost all modern credit cards already do.
Then, the receiving phone needs to contain an NFC chip reader.
Presumably, then, if you have an iPhone 7, youll be able to accept card payments.
They may have to enter a PIN, depending on their credit card setup.
You should even be able to pay directly from one phone to another.
Cash and COVID-19
The COVID-19 pandemic has caused a serious drop in cash payments.
I visited two local cafe owners to ask how this technology might affect them.
To meet this demand, the cafe signed up for a standard credit card merchant package with its bank.
Its expensive, but necessary, he said.
Prior to that, they tried a third-party gadget to accept cards, but it was unreliable.
Gullu says hes unwilling to add more mobile technology.
The Apple/Mobeewave system, then, may end up being most useful for individuals, not businesseven small businesses.
And in many cases, it may be too late anyway.
Im tied up now, she said.
