Small businesses may soon be able to accept payments using just an iPhone, without the need for external hardware.

According to media company Bloomberg, it is thought Apple may implement the feature as part of a software update in the coming months after working on the service since 2020, when it purchased startup Mobeewave.

Mobeewave had been developing a technology that would turn a phone into a payment portal using an app and the phone's NFC.

The software allows users to simply type in the amount they want to charge, and their customer tap their credit or debit card on the back of the device.

Apple declined to comment on the new feature speculation, so it is uncertain how the service will work on iPhones.

Before it's acquisition by Apple, Mobbeewave worked on a similar project with rival Samsung to turn its smartphones into contactless payment terminals and piloted the feature in Canada.