Apple (NASDAQ:AAPL) is set to roll out its new Tap to Pay on iPhone feature at some of its retail stores today, according to Bloomberg reporter Mark Gurman.
The new service, first announced in February, now puts the Cupertino, California-based Apple (AAPL) directly in competition with Block (NYSE:SQ).
It’s expected that the new feature will roll out to small businesses in short order.
Apple (AAPL) shares fell slightly more than 0.5% to $139.46 in early Wednesday trading, while Block (SQ) fell 1.25% to $74.93.
The new feature will let small businesses take credit card payments directly from their iPhone, without the need for additional hardware.
“As more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security and convenience of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet in a February statement.
The new feature likely uses technology from Apple’s acquisition of Mobeewave, a Canadian financial technology company that developed the technology to let smartphone users take credit card payments by tapping the card against the phone.
Apple (AAPL) recently showed off its mixed-reality headset to its board of directors, suggesting that the device’s development is at an “advanced stage.”