Technology

Apple reportedly acquires startup that could turn iPhones into payment terminals

Apple has acquired a startup with know-how that could turn iPhones into cell payment terminals, Bloomberg reported. Montreal-based Mobeewave has tech that requires solely an NFC chip to work, permitting customers to faucet both their smartphone or a bank card to a different cellphone for payment processing. NFC chips have been included in iPhones since the iPhone 6. And whereas Apple Pay lets consumers faucet their iPhones to pay at a retail retailer, including Mobeewave could enable any iPhone to just accept funds with out further {hardware} like a card reader.

According to Bloomberg, Apple paid about $100 million for Mobeewave, and has retained its staff of staff. Neither firm would touch upon the transaction. Rival cellphone producer Samsung partnered with Mobeewave last year on a pilot point-of-sale program in Canada. And as Bloomberg notes, Samsung’s enterprise division is an investor in Mobeewave.

Apple has acquired a number of different startups this 12 months to this point, together with popular weather app Dark Sky in March. It seems to be to be integrating Dark Sky’s features into its native climate app in iOS 14 and has shut down the Android version of the Dark Sky app as of August 1st. Apple additionally confirmed in May that it purchased VR broadcast company NextVR.

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