(Reuters) – Block Inc will work with Apple Inc to integrate Square payments with “Tap to Pay” feature on iPhones and launch it later this 12 months, the fintech firm mentioned on Thursday.
The San Francisco-based firm’s shares rose 7% on the information.
The firm mentioned sellers would have the ability to settle for in-person contactless payments with solely their iPhone and a Square Point-of-Sales (POS) app, with out the necessity for extra {hardware}.
Block mentioned an Early Access Program will assist sellers take a look at the combination with iPhones this summer season.
Apple had earlier mentioned its “Tap to Pay” feature would launch later this 12 months, with Stripe and Shopify Point being the primary to provide the feature to enterprise clients within the United States.
The iPhone-maker has been beefing up its fintech providers. It launched its personal bank card with Goldman Sachs in 2019 and is reportedly engaged on a “purchase now, pay later” service.
(Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri)
