Apple buys Mobeewave, a startup that can turn iPhones into payment terminals

Ruben Fields
August 2, 2020

The technology doesn't need an app or hardware like a Square Terminal to work, using a smartphone's NFC chip instead. iPhones have had NFC chips since 2014. The company will continue to operate out of its Montreal offices, according to sources.

Apple confirmed the purchase with its usual boilerplate statement, saying, "Apple buys smaller technology companies from time to time and we generally do not discuss our goal or plans". We have iPhone 11 Pro which is the fastest phone from Apple till date equipped with the great camera setup.

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Apple Pay lets users pay for physical goods and services with a simple tap at various retail outlets. This was followed previous year by the Apple Card, which was launched in partnership with Goldman Sachs and MasterCard. A number of point of sale terminals support tap-to-pay credit card transactions, though the tech has yet to make the leap to iPhone since NFC capabilities were first integrated with iPhone 6 and 6s in 2014. Square Capital offers small business loans from $500 and up to $100,000. Samsung also partnered with the startup to let its own flagship phones use this tech. Mobeewave says its technology is a seamless way to accept credit card payments. Samsung's endeavor arm is additionally a financial specialist in the startup, which has raised more than $20 million, as per PitchBook.

Apple has also acquired a weather app, called Dark Sky and NextVR, a virtual-reality content broadcasting firm. According to sources quoted in the Bloomberg report, the valuation of the deal puts the company as a top focus for Apple. The tech giant has also made strategic acquisitions (Voysis, and Inductiv) to enhance Siri and other AI technologies. The company has notably eclipsed Saudi Aramco to become the world's most valuable listed company.

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