Apple will soon turn iPhones into mobile payment terminals after the tech giant's recent acquisition of the startup, Mobeewave Inc. for $100 million.
Mobeewave partnered with Samsung Electronics in 2019 to test the technology on its phones while PitchBook also reported that Samsung's venture arm has also invested more than $20 million in the startup.
According to Bloomberg's sources, Apple brought the startup that developed technology that turns iPhones into mobile payment terminals. Mobeewave says its technology is a seamless way to accept credit card payments.
Step one: Enter the transaction amount
Step two: Tap the client's credit card or smartphone onto the back of the device with active app
Step three: Process the payment using the mobile app
With this acquisition, Apple will be in more direct competition with Square Inc., which provides both payment hardware and software for smartphones and tablets.
Apple is said to retain dozens of Mobeewave employees after the deal. They will continue to work out of Montreal, according to sources who requested anonymity.
