Apple Inc. has reportedly acquired Mobeewave Inc., a start-up that mainly focuses on using technology to convert iPhones into mobile payment terminals. The iPhone maker has paid about $100 million for the start-up.
As per reports, Mobeewave currently has dozens of employees working, and Apple has agreed to retain the team that will continue to work from Montreal.
Mobeewave technology for turning a smartphone into a mobile payment terminals
Mobeewave allows the users to tap their credit card or smartphone on another phone to route a payment. This technology works with an app and does not require hardware beyond a Near Field Communications (NFC) chip. Since 2014, iPhones have included this chip.
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Mobeewave has demonstrated its technology on the website in three steps:
- Input the transaction amount.
- Tap the user’s card on the back of the said device.
- Payment will be processed from the said device.
Apple confirmed an acquisition deal with Mobeewave
Apple has confirmed this deal with a statement about its acquisition strategy. The Apple spokesperson commented that the company is known to buy smaller technology companies along a period and does not discuss its purpose or plans. He also mentioned that they had added Apple Pay to their iPhone in 2014, allowing users to pay with just a tap in the retail stores, and also launched its credit card last year.
With the integration of Mobeewave technology, the iPhone will be able to let anyone with an iPhone accept payments, without needing additional hardware. This acquisition has put Apple in direct competition with Square Inc., a leading provider of payment hardware and software for tablets and smartphones. Apple can integrate Mobeewave technology in a variety of ways to expand the Apple Pay platform.
Several acquisitions made last year by Apple, to integrate advanced technology on iPhone
This acquisition deal is one of the several deals that Apple has made this year. As per their CEO, Tim Cook, the company is currently focusing on differentiating itself from other tech companies and emphasized that these acquisitions mean that Apple will eventually implement the technology onto the iPhone.
In similar acquisitions, Apple recently bagged a deal with DarkSky, a weather app that is now integrated with the Weather app on iPhone in iOS 14. Apple also acquired NextVR, a virtual reality company that is focused on providing VR experiences for viewing live events