Latest in Gear

Image credit: grinvalds via Getty Images

Apple's latest acquisition could turn iPhones into payment terminals

Mobeewave's payment technology doesn't need extra hardware to work.
173 Shares
Share
Tweet
Share

Sponsored Links

Riga, Latvia - December 3, 2019: Person using Apple iPhone 11 Pro.
grinvalds via Getty Images

iPhone users may be able to accept credit card payments from other people without needing extra hardware in the future. According to Bloomberg, Apple has acquired a startup called Mobeewave Inc., which is behind a technology that can turn iPhones into payment terminals. The tech giant reportedly paid $100 million for the company and will retain its employees who still work out of Montreal.

Mobeewave’s technology only requires an app and a Near Field Communications (NFC) chip to work. Users don’t have to attach any accessory to their phones — all they need to do is input the transaction amount in the app and then tap a card or another smartphone onto the back of their device. As Bloomberg notes, Apple rival Samsung teamed up with Mobeewave last year to turn some of its phones into payment terminals for small businesses.

An Apple spokesperson didn’t confirm the acquisition outright, only giving the publication a standard response:

“Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans.”

The tech giant did snap up a few smaller companies over the past months. Back in January, it purchased Seattle-based AI startup, Xnor.ai, which developed a way to operate AI on devices rather than in the cloud. It also purchased virtual reality startup NextVR, which is known for its partnerships with sports entities, such as the NBA.

In this article: Apple, Mobeewave, acquisition, news, gear
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
173 Shares
Share
Tweet
Share

Popular on Engadget

Engadget's 2020 Back-to-School Guide

Engadget's 2020 Back-to-School Guide

View
Google Play Music will start shutting down in September

Google Play Music will start shutting down in September

View
Google adds emoji reactions to Messages on Android

Google adds emoji reactions to Messages on Android

View
Disney's new AI is facial recognition for animation

Disney's new AI is facial recognition for animation

View
Logitech's G923 racing wheel makes you feel every curve of the road

Logitech's G923 racing wheel makes you feel every curve of the road

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr