Apple Inc will allow businesses to accept payments directly on their iPhones, bypassing any extra payment hardware such as Block Inc's Square terminals.
Fintech firms Stripe and Shopify Point will be the first to offer the "Tap to Pay" feature to business customers in the spring of 2022 in the United States, the company said in a statement.
The feature, to be launched later this year, will use near field communications (NFC) technology and allow businesses to accept credit and debit cards and other digital wallets with a tap on the device, Apple said.
Shares of Block fell 2% in early trading on Thursday, while Apple shares were little changed.
