The rumor last month that Apple is turning iPhones into credit card payment terminals was true, and it's happening this spring in the US.
The new feature is officially called "Tap to Pay," and it requires no new hardware to work. Once Tap to Pay goes live, any iPhone (from the iPhone XS onwards) will be able to "seamlessly and securely accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone."
The feature will be available for developers to integrate with their iOS apps, with Stripe being the first payment platform to integrate the functionality. That's good news for Shopify sellers who'll be able to use it with the Shopify Point of Sale app. American Express, Discover, Mastercard, and Visa contactless cards will all work with the new payment system, too. Apple Stores will start using Tap to Pay later this year, which could make your visit that much quicker thanks to a streamlined payment process.
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Apple is keen to point out that Apple Pay is already accepted by over 90% of US retailers, so adoption of Tap to Pay should happen relatively quickly. Transactions are also encrypted and protected using the Secure Element, so your payment details can't be stolen during a transaction and Apple has no idea what you're purchasing. It's a completely private sale.
Anyone interested in integrating Tap to Pay with an app or platform should keep their eye out for an upcoming iOS software beta which will include the SDK necessary to start supporting it.