Apple Buys Tech That May Turn iPhones Into Payment Terminals
The iPhone may soon be able to act as mobile payment terminals with the help of technology from a startup that Apple allegedly acquired.
Montreal-based Technology, Canada-based MobevWave allows shoppers to tap and pay on their credit card or smartphone on another smartphone. The startup’s app only needs NFC chips, such as a card terminal, to eliminate the need for additional hardware.
Mobeewave describes how its app handles transactions on its official website. After typing the transaction amount in the app, the customer’s credit card will be tapped on the back of the smartphone. The app will then process the payment.
Apple bought MobWave for about $ 100 million, Bloomberg reported, citing a source familiar with the matter. The startup’s technology will work with iPhones, which have employed NFC chips since 2014. Apple has retained dozens of Mobeewave employees, who will continue to operate out of Montreal, sources said.
Digital Trends has reached out to Apple and Mobeewave for confirmation and further comments regarding the acquisition, and we’ll update this article as soon as you hear it.
Apple Payments Tech
Apple launched Apple Pay in 2014, which allows iPhone owners to pay for their purchases by tapping their devices at store terminals. It was then launched by Apple Card last year, which was launched in partnership with Goldman Sachs and MasterCard.
If Apple integrates Mobeewave technology into Apple Pay and Apple cards on iPhones, it will compete directly with Square, which provides hardware and software for mobile payment options.