Apple buys Mobeewave, a startup that can turn iPhones into payment terminals

Apple Buys Startup to Turn iPhones Into Payment Terminals

The functionality could allow iPhones to be used as payment terminals with no additional hardware required. Rival telephone maker Samsung partnered with Mobeewave very last yr on a pilot position-of-sale method in Canada.

The Cupertino, California-based technology giant paid about $100 million for the startup, one of the people said. Mobeewave says its technology is a seamless way to accept credit card payments.

According to Bloomberg, Apple has acquired a startup called Mobeewave Inc., which is behind a technology that can turn iPhones into payment terminals.

The technology doesn't need an app or hardware like a Square Terminal to work, using a smartphone's NFC chip instead. iPhones have had NFC chips since 2014.

Apple confirmed the purchase with its usual boilerplate statement, saying, "Apple buys smaller technology companies from time to time and we generally do not discuss our goal or plans". However, a reported $100 million price was not confirmed when Apple CEO Tim Cook stated its acquisition strategy in an interview with CNBC on Friday, July 31. "Apple typically buys startups to turn their technology into features of its products", the report noted, adding that Mobeewave's tech could easily integrate with Apple Pay. Incorporating Mobeewave could let anybody with an iPhone acknowledge installments without extra equipment.

The acquisition doesn't doesn't mean that Apple is definitively moving toward taking on Square with its own payments service. Usually, Apple is known for the companies it buys off its services on Android and other platforms. Also, Apple acquired virtual reality company NextVR, which provides VR experiences for watching live events.

This would put Apple into more direct competition with Square Inc., a leading provider of payment hardware and software for smartphones and tablets.

Apple is said to retain dozens of Mobeewave employees after the deal. They will continue to work out of Montreal, according to sources who requested anonymity.



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