- Mobeewave’s technology lets an iPhone receive payments without any extra hardware;
- Apple typically buys startups to turn their technology into features of its products.
Apple has acquired Mobeewave, a Canadian startup with technology that could transform iPhones into mobile payment terminals with no need for extra hardware.
According to Bloomberg, Mobeewave’s technology lets shoppers tap their credit card or smartphone on another phone to process a payment. The system works with an app and doesn’t require hardware beyond a NFC (Near Field Communications) chip, which iPhones have embedded since 2014, when the iPhone 6 was launched.
The Cupertino, California-based technology giant paid about $100 million for the startup, says Bloomberg, which broke the news on the deal.
Apple typically buys startups to turn their technology into features of its products. On its website, Mobeewave shows a step-by-step transaction between a user and a customer tapping their credit card on the phone to process the payment on the device.
Samsung already uses Mobeewave’s technology, through a partnership reached last year, and anyone who has downloaded the Samsung POS app can use compatible Samsung Galaxy phones to accept payments. Whether this collaboration will continue after Apple’s acquisition of Mobeewave is yet to be discovered.