FINANCIAL SERVICES
space because it means current companies that supply payment device machines are no longer required if business owners decide to swap to the iPhone Tap to Pay method .
Developments in NFC technology and digital payments Apple ’ s new Tap to Pay is made possible through NFC which enables the communication between two electronic devices over a distance of 4cm or less . NFC offers a low-speed connection through a simple setup that can be used to bootstrap more capable wireless connections .
The move by Apple has been hailed as a leap forward for the software point of sale ( SoftPos ) technology in the marketplace , explains Brad Hyett , CEO of Phos , a democratising payments fintech launched in 2018 . He says , “ One of the biggest challenges to the widespread adoption of software point of sale ( SoftPoS ), the technology that enables merchants to accept card payments
“ It is important to note that Apple currently represents around 30 % of market share , while Android remains the dominant OS ”
64 April 2022