Sammie Ellard-King
$AAPL (Apple) to challenge $SQ (Block Inc.) by transforming iPhones into POS terminals 👀 As Apple (NASDAQ:AAPL) reported a set of bumper earnings on Thursday, sending shares up 5% AH to $167, Bloomberg reported that the Cupertino-based tech giant was "planning a new service that will allow iPhones to accept payments with the tap of a credit card." The feature would essentially turn iPhones into payment terminals and threaten Block's (NYSE:SQ), formerly known as Square, presence in the space. The system would likely rely on the iPhone's near field communications, or NFC, chip that is currently used for Apple Pay, and wouldn't require any extra hardware. Apple is said to have paid $100M for a Canadian startup called Mobeewave in 2020 that developed the technology. Beefing up its push in payments, Apple already introduced the Apple Card in the U.S. in 2019, as well as installment plans on the credit card later that year. The Apple Cash card also offers digital peer-to-peer payments, and a "buy now, pay later" option for Apple Pay is reportedly in the works. Very smart business! Source: Bloomberg $PYPL (PayPal Holdings) $BRK.B (Berkshire Hathaway Inc)