Apple has purchased payments startup Mobeewave, which created a system that lets shoppers tap a credit card or smartphone on another phone to process a payment. It works like this: a vendor with the app installed can turn their near-field communication-equipped (NFC) smartphone or tablet into a contactless payment terminal.
Apple Inc. has acquired Mobeewave Inc., a startup with innovation that could change iPhones into mobile payment terminals, as per individuals acquainted with the issue. Most likely, the company uses NFC technology for the payment to work. Samsung also partnered with the startup to let its own flagship phones use this tech.
"Apple buys smaller technology companies from time to time and we generally do not discuss our objective 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.More news: Impact of coronavirus will be felt for decades to come, World Health Organization says
Mobeewave has developed technology that allows card payments on iPhone via a tap on the device. "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.
"Apple buys smaller technology companies from time to time and we generally do not discuss our objective or plans", an Apple spokesman told Bloomberg.
iPhone users may be able to accept credit card payments from other people without needing extra hardware in the future.More news: Arsenal vs Chelsea: I don’t need a phone call from Abramovich - Lampard
Apple has also acquired a weather app, called Dark Sky and NextVR, a virtual-reality content broadcasting firm. The tech giant also bought Voysis, Xnor.ai, and Inductiv to enhance Apple's artificial intelligence, including Siri, as well as enterprise device management company Fleetsmith.
With this acquisition, Apple will be in more direct competition with Square Inc.
In accordance to Bloomberg, Apple paid out about $100 million for Mobeewave, and has retained its team of staff.More news: Blue Jays weekend series against Phillies on hold