FinTech: Apple Acquires Mobeewave To Extend Payments Functionality

August 3, 2020 | FinTech, News

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                                                  

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News × 1200.jpg
FinTech: Buy-Now-Pay-Later Lender Affirm Raises $500M
September 18, 2020     FinTech, News

Affirm announced Thursday its raise of $500 million in a G Round led by GIC and Durable Capital Partners LP. Other investors included Lightspeed Venture Partners, Wellington Management Company, Baillie…
Venture Capital: Tonal, The Smart Home Gym Startup, Taps $110M
September 18, 2020     Artificial Intelligence, News, Venture Capital

Tonal, a startup that makes compact, AI-powered, wall-mounted home fitness equipment, announced Thursday its raise of $110 million. Returning investors L Catterton, Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media, and…
Artificial Intelligence: An AI-Controlled House Built By A Computer Scientist
September 18, 2020     Artificial Intelligence, News, Real Estate

It’s a striking, futuristic residence that commands panoramic views, combines home with a place to work, and is controlled by artificial intelligence having its own data center. Based outside Prague,…
Digital Assets: Kraken Digital Exchange Wins U.S. Bank Charter
September 18, 2020     Digital Assets, FinTech, News

The State of Wyoming greenlighted Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI). Kraken Financial, the new entity, can operate as a fully independent bank and…