Users of the American-based Apple (multinational technology company) mobile gadget phenomenon "iPhone" will be allowed to accept payment directly through their mobile device without the need for an external party or extra hardware. By a simple tap on a credit card or another iPhone, merchants will be able to accept payment. Apple announced its upcoming new feature last week.
Since it acquired Mobeewave (a Canadian startup that allows mobile apps to accept payments) in 2020, Apple has been working on this new payment feature which would ease the process of financial transactions by pushing towards a cash-free future. This new feature further ensures the safety of both customers and merchants with the rise of the pandemic requiring social distancing as a primary measure for safety.
Apple is the largest information technology company by revenue with about $365.8 billion. This new payment feature gives Apple an advantage over other Fintech companies like Venmo, Paypal, Google Pay, and Square Cash App by boosting its global popularity. Preserving Apple's foothold in the world of information and Financial Technology.
The United States of America in focus:
Population: 329.5 million in 2020 as compared to 328.3 million in 2019
GDP: $20.94 trillion compared to $21.43 trillion in 2019
GDP per capita: $63,543 in 2020 compared to $65,279 in 2019