Apple and Stripe look set to upend another industry

iPhone Tap to Pay will revolutionise how retailers trade — but its anticipated launch puts the spotlight on competition issues

The Tap to Pay system will allow retailers to accept payments on their iPhones. However, competitors and EU regulators will be focusing on Apple's grip on mobile payments. 

Apple has confirmed plans to release its much-anticipated Tap to Pay feature on the iPhone later this year, giving merchants an alternative to Block’s Square technology.

The option will let sellers accept payments through Apple Pay, credit cards and digital wallets without additional hardware, the company said in a statement.