Apple to Launch Tap-to-Pay Feature in Challenge to Square
- Feature to work with third-party payment providers like Stripe
- The move could help address antitrust criticism against Apple
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Apple Inc. confirmed plans to release its much-anticipated Tap to Pay feature on the iPhone later this year, giving merchants an alternative to Block Inc.’s Square technology.
The option will let sellers accept payments through Apple Pay, credit cards and digital wallets without additional hardware, the company said in a statement. The system relies on near field communication, or NFC, to securely connect. Apple’s plan, which was previously reported by Bloomberg, sent shares of Block down as much as 3.2% after it was announced Tuesday.