Apple Is Turning iPhones Into Payment Terminals With Its Latest Acquisition

Joanna Estrada
August 2, 2020

Rival telephone maker Samsung partnered with Mobeewave very last yr on a pilot position-of-sale method in Canada.

Mobeewave's technology lets shoppers tap their credit card or smartphone on another phone to process a payment.

According to Bloomberg, Apple purchased the startup for approximately $100 million.

From what it looks like, Apple could use Mobeewave's tech to turn iPhones in to payment terminals.

An Apple representative said that the company regularly acquires smaller tech firms and it usually doesn't talk about the objective or plans.

Apple typically buys startups to turn their technology into features of its products.

Apple CEO Tim Cook testifies remotely via videoconference during a U.S. House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law hearing on "Online Platforms and Market Power" in this screengrab made from video as the committee meets on Capitol Hill, in Washington, U.S., July 29, 2020. After this purchase, Mobeewave can only be used as an iPhone POS device.

If integrated into iPhone and iOS, the payments tech would allow Apple to compete with the likes of Square. Also, Apple can integrate Mobeewave's technology in the Apple Card system and Apple Wallet app.

In accordance to Bloomberg, Apple paid out about $100 million for Mobeewave, and has retained its team of staff. It recently acquired weather app Dark Sky and virtual-reality content broadcasting company NextVR.

The tech giant did snap up a few smaller companies over the past months.

iPhone users may be able to accept credit card payments from other people without needing extra hardware in the future. It also purchased virtual reality startup NextVR, which is known for its partnerships with sports entities, such as the National Basketball Association.

This would put Apple into more direct competition with Square Inc., a leading provider of payment hardware and software for smartphones and tablets. They will continue to work out of Montreal, according to sources who requested anonymity.

Other reports by Click Lancashire

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