FinTech: Apple Acquires Mobeewave To Extend Payments Functionality

August 3, 2020 | FinTech, News
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Apple’s iPhones get closer to becoming roaming payment terminals.

Mobeewave, a Canadian tech startup that aims to convert smartphones into payment terminals, has been acquired by Apple Inc (NASDAQ: AAPL) for $100 million, according to Bloomberg.

The Mobeewave startup makes it easy for shoppers to use their credit cards and make payments using their smartphones. The firm will continue to function out of its Old Montreal location. Apple will retain all its employees.

No hardware needed

According to Bloomberg, Apple’s phones will run Mobeewave’s system without any additional hardware or software except the app. However, it does need the Near Field Communications (NFC) chip, which is standard on iPhones since 2014.

The tech giant’s Apple Pay allows shoppers to pay at a point of sale by simply tapping their iPhones. The Mobeewave technology will let an iPhone accept payments without a card reader.

Bloomberg’s sources did not want to be named, and neither company commented officially on the transaction. However, the acquirer did make its customary statement: “Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans.”

Apple’s is inexorably moving into payment processing technology, first with Apple Pay, then its Credit Card, and now into phone-based POS functionality.

Payment processors such as Square Inc (NYSE: SQ) should worry about their business given Apple’s user base, deep pockets, and technological prowess.

It may be noted that the iPhone-maker’s arch-rival Samsung is an investor in Mobeewave through its venture arm.

Apple briefly becomes world’s most valuable company

On Friday, after its blockbuster quarterly numbers, the Apple stock hit a record high of $412.22 per share. That price valued it at a massive $1.762 trillion. Its just a shade above the value of Saudi Aramco, globally the most valuable company after its IPO last year.

Related Story:  Apple Acquires Inductiv Inc., a Machine Learning Startup                                                  

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