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Apple acquires startup that turns iPhones into payment terminals, reportedly for $100 million

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Apple has acquired a startup, Mobeewave Inc., that developed technology to turn iPhones into mobile payment terminals, according to a new report from Bloomberg. Citing people familiar with the matter, today’s report says the deal was worth around $100 million. Apple confirmed the deal with its standard statement about its acquisition strategy. “Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans,” an Apple spokesman told Bloomberg. The company did not confirm the reported $100 million acquisition price. Mobeewave bills its technology as a way to seamlessly accept credit card payments “with a tap on your phone.” What this means is that a shopper could simply tap their credit card or smartphone on the back of smartphone to process a payment. The system works via an app from Mobeewave as well as NFC technology. The demonstration on the Moobeewave website shows the process in three steps: Step one: Input the transaction amount Step two: Tap the client’s card onto the back of your device Step three: Payment is processed on your device There are a variety of ways Apple could incorporate this technology into the iPhone or other products. This feature could be a way for Apple to expand its Apple Play platform and compete with Square’s point of sale platform. Furthermore, Apple Card debuted last year, and Mobeewave’s technology could integrate into that ecosystem, including the Apple Wallet app. The news of the Mobeewave acquisition comes on the same as Apple CEO Tim Cook talked about Apple’s strategy for acquiring other companies. In an effort to differentiate Apple from other tech companies that might focus on acquiring potential competitors, Cook emphasized that Apple acquires a company to eventually implement its technology into the iPhone. One of Apple’s most recent acquisitions was Dark Sky, a weather app that now serves as the basis of new features in the Weather app on iPhone in iOS 14. As 9to5Mac first reported, Apple this year also acquired NextVR, a virtual reality company focused on providing VR experiences for viewing live events. FTC: We use income earning auto affiliate links. More.Check out 9to5Mac on YouTube for more Apple news:
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Apple Watch Likely to Adopt MicroLED Display Technology in 3-4 Years

This year's Apple Watch Series 6 is expected to feature an OLED screen like previous models, but a future model is likely to be the first Apple product to adopt MicroLED display technology, albeit not for another three to four years. That's the main takeaway reading between the lines of comments made by the chairman…

E Ink demos a folding e-reader that can also take notes

Folding smartphones are slowly making their way into the mainstream. Could foldable e-readers be next? The E Ink Corporation, the company behind the digital paper tech found in the majority of e-readers, is trying to make it happen. The firm’s R&D lab has been developing foldable e-ink screens for a while, and its latest prototype…

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We are saddened to report that William English, co-inventor of the computer mouse, died July 26 in San Rafael, California. He was 91 years old. Bill at the controls at Stanford Research Institute. Image via MSNEvery piece of technology starts with a vision, a vague notion of how a thing could or should be. The…

Apple Buys Startup to Challenge Square in Mobile Payments

Special Report: You Could Lose or Make a Fortune Mobeewave's technology could transform every iPhone into a mobile payment terminal. Apple (NASDAQ:AAPL) has reportedly acquired a Canadian start-up with technology that could be used to turn every iPhone into a contactless payment acceptance device, directly challenging Square (NYSE:SQ), which is the leading provider of mobile…

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