- Apple Inc. (NASDAQ: AAPL) has acquired Mobeewave, which is a company that developed technology enabling shoppers to tap a credit card on another device for processing a payment
Apple Inc. (NASDAQ: AAPL) has acquired a payments company called Mobeewave. Mobeewave has developed technology that enables shoppers to tap a credit card or smartphone on another device for processing a payment.
This technology could be used for enabling iPhones to work as a payment terminal without having to use additional hardware.
Mobeewave’s technology uses near field communication (NFC), which is already built into the iPhone 6 and above. Sending payments with the Mobeewave app is as easy as inputting the transaction amount and tapping on an NFC-enabled card on the back of a smartphone.
The integration of this technology into iPhones could potentially make credit card reader dongles obsolete. This could especially affect hardware devices offered by companies like Verifone, Square, and PayPal.
The terms of the deal were not disclosed, but Bloomberg’s sources said it was reportedly valued at about $100 million. As part of the deal, Apple hired the Mobeewave team. The Mobeewave team will continue operating out of Montreal.