Apple to turn iPhones into payment terminals in fintech push

FILE PHOTO: Silhouette of mobile user is seen next to a screen projection of Apple logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Apple Inc is introducing a new feature that will allow businesses to accept credit card and digital payments with just a tap on their iPhones, bypassing hardware systems such as Block Inc's Square terminals.

The feature, to be launched later this year, will use near field communications (NFC) technology for making all kinds of payments, including between iPhones, Apple said on Tuesday. The tech giant added that it would not know what was being purchased or who was buying it, stressing on the services privacy feature.