Apple has reportedly acquired a startup to turn iPhones into payment terminals

Apple Buys Startup to Turn iPhones Into Payment Terminals

Apple Acquired Mobeewave, a Startup That Lets Smartphones Accept Payments Using NFC

Samsung Electronics Co. collaborated with Mobeewave a year ago to permit its telephones to utilize the innovation.

While Apple obviously hasn't said a thing about this acquisition, Bloomberg's sources suggest the Cupertino giant paid almost $100Mn for the acquisition. And though Apple Fork out lets purchasers faucet their iPhones to shell out at a retail store, including Mobeewave could make it possible for any Apple iphone to accept payments without added hardware like a card reader.

Mobeewave's technology employs NFC communications to enable users to conduct payments by tapping a compatible credit card on a smartphone.

Apple confirmed the acquisition with its typical statement: "Apple buys smaller technology companies from time to time and we generally do not discuss our objective or plans". However, a reported $100 million price was not confirmed when Apple CEO Tim Cook stated its acquisition strategy in an interview with CNBC on Friday, July 31. And NFC-based payment through their own iPhone could be a useful way of changing the market trend.

The acquisition doesn't doesn't mean that Apple is definitively moving toward taking on Square with its own payments service. Also, Apple can integrate Mobeewave's technology in the Apple Card system and Apple Wallet app. Usually, Apple is known for the companies it buys off its services on Android and other platforms.

Apple has also acquired a weather app, called Dark Sky and NextVR, a virtual-reality content broadcasting firm.

According to its website, Moobeewave believes that payments "should be simple, frictionless and effortless" for both clients and merchants.

In accordance to Bloomberg, Apple paid out about $100 million for Mobeewave, and has retained its team of staff.

If and when Apple launches this product, then it would be competing against major payments companies like Jack Dorsey's Square Inc., a provider of payment hardware and software for mobile devices.

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