Apple has acquired Mobeewave, a startup with technology that could transform iPhones into mobile payment terminals, Bloomberg reports.
Mobeewave’s technology lets shoppers tap their credit card or smartphone on another phone to process a payment. The system works with an app and doesn’t require hardware beyond an NFC.
Apple typically buys startups to turn their technology into features of its products. Apple added Apple Pay to the iPhone in 2014, allowing users to pay for physical goods with a tap in retail stores. Last year, it launched its own credit card, the Apple Card. Integrating Mobeewave could let anyone with an iPhone accept payments without additional hardware.
Apple reportedly paid around USD 100 million for the startup.
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