Apple is reportedly paying USD 100 million for the acquisition. While this might sound like a huge price, the tech giant is seriously pursuing contactless payment. According to people with inside information of the deal cited by micky.com.au, the tech giant will retain the Mobeewave team. The team will also continue its operation in their base in Montreal. It is important to note that Mobeewave has previously reached a deal with South Korean tech giant Samsung. Based on recent developments, that deal may have ended.
However, there are multiple hints with regards to what Mobeewave will be working on. Prior to the official release of iOS 14, a code audit revealed that Apple Pay would support QR codes. The code hints that users can use their iPhone camera to pay for various purchases. There is also the possibility that iPhones can generate their own QR code, which shops can scan to transfer payment. The same technology can also be used when doing user to user transactions.
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