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

guest · Aug 1, 2020

Apple acquires startup that turns iPhones into payment terminals, reportedly for $100 million
July 31, 2020
https://9to5mac.com/2020/07/31/apple-mobeewave-acquisition/

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.
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.
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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

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

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

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