Apple today announced a new feature for the iPhone that will allow small businesses to use the handset to accept Apple Pay and other contactless payment methods using an iPhone; no other hardware or POS terminal will be required. Outside of the handset, a special app will need to be installed.
Named Tap to Pay on iPhone, the feature will also be made available for developers to add to their iOS apps. The first payment platform to offer Tap to Pay on iPhone will be Stripe. Later this year we should see this offered on more apps and payment platforms.
