Apple has acquired payment startup, Mobeewave that lets smartphones accept payments using NFC (Near-Field-Communication).
Mobeewave is a system lets shoppers tap a credit card or smartphone on another phone to process a payment.
The system might allow iPhones to be used as payment terminals with no additional hardware required.
A report by Bloomberg revealed that Apple purchased the startup for approximately $100 million (₦38 billion).
The payment startup’s technology works with NFC; which is also built into all modern iPhones. According to its website, sending payments with Mobeewave app is very simple.
All you need to do is put a transaction amount; and click on an NFC-enabled card on the back of a smartphone.
Apple has also employed the whole Mobeewave team (a whole dozen of them). They are also working from Montreal where it is located.
Apple hired the whole Mobeewave team, which includes dozens of employees; and the company is continuing to work from Montreal where it is based. “Apple buys smaller technology companies from time to time; and we generally do not discuss our purpose or plans,” Apple said by confirming the purchase.
The Mobeewave purchase will give Apple the opportunity to compete with companies like Square. Square is a company that makes hardware that allows iPhone users to accept credit and debit card payments.
For those who do not know, Near-Field-Communication is a set of communication protocols for communication; between two electronic devices over a distance of 4 cm or less. NFC offers a low-speed connection with a simple setup that can be used to bootstrap more capable wireless connections.