By Juliet Umeh
In its usual manner, a technology firm Apple Inc. said it has acquired a technology startup, Mobeewave Inc, for $100 million to transform iPhones into mobile payment terminals.
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 Near Field Communications, or NFC, chip, which iPhones have included since 2014.
The Cupertino, California-based technology giant paid about $100 million for the startup, one of the people said Mobeewave had dozens of employees, and Apple has retained the team, which continues to work out of Montreal.
An Apple spokesman said: “Apple buys smaller technology companies from time to time and we
generally do not discuss our purpose or plans.
“Apple typically buys startups to turn their technology into features of its products. Apple added Apple Pay to the iPhone in 2014, allowing users to pay for physical goods with a tap in retail stores.
Last year, it launched its own credit card; the Apple Card. Integrating Mobeewave could let anyone with an iPhone accept payments without additional hardware.
This would put Apple into more direct competition with Square Inc., a leading provider of payment hardware and software for smartphones and tablets.”