Block will integrate Square’s payment infrastructure into Apple’s upcoming “Tap to Pay” feature.
The update for iPhones should roll out later in 2022 per reports.
Square’s Point-of-Sales app will facilitate the contactless payment service.
The payment portal does not yet support crypto.
An early access program has been announced to help vendors test the integration.
According to a report from Reuters on Thursday, Apple’s upcoming “Tap to Pay” feature for iPhones will onboard Square’s payment facilities from Block Inc, allowing for in-person contactless payments and faster transactions as the tech giant gears up for a push into the fintech industry.
Square payments is a subscription-based transaction service developed by Block Inc (formerly Square Inc) to power quick and secure settlements for small and medium-sized businesses. The company also owns the popular peer-to-peer payments portal known as Cash App, which notably supports Bitcoin transactions.
The collaboration between both companies starts with an Early Access Program to allow sellers and vendors to test out the feature. Sellers only require an iPhone and a Square Point-of-Sales (PoS) app to leverage the service, per the report from Reuters.
However, Square’s PoS app does not support crypto payments, unlike the Cash App service. It remains unclear whether Jack Dorsey’s Block will enable digital asset payment facilities for Square’s PoS service.
Apple previously announced that the feature was going live for business customers in the US starting Summer of 2022. The tech giant also unveiled Shopify Point and Stripe as its first partners for the service back in February.
Apple’s Fintech and Crypto Expansion
The tech giant has continued to dip its toes in the world of cryptocurrencies since 2019 after Apple Pay’s Vice President Jennifer Bailey disclosed that the company had eyes on digital assets. Bailey also said that Apple was exploring the industry’s long-term potential.
MetaMask announced support for Apple Pay in March 2022, providing exposure to fiat on-ramp services for its over 30 million monthly users. Now MetaMask wallet users can leverage Apple Pay’s service to buy crypto directly from their bank accounts.