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Developments from Apple, makers of iPhone, have indicated that iPhones may soon be able to function as mobile payment terminals. This comes on the heels of its latest acquisition, Mobeewave.
The technology company, which is a Montreal, Canada-based allows shoppers to make payments by tapping their credit card or smartphone on another smartphone. According to reviews, the startup’s app only requires NFC chips to work, eliminating the need for additional hardware such as card terminals.
Speaking on the cost of the acquisition, press disclosed that Apple purchased Mobeewave for about $100 million. Following the acquisition, Apple retained Mobeewave’s dozens of employees, who will continue to work out of Montreal.
If Apple integrates Mobeewave’s technology into Apple Pay and Apple Card on iPhones, it will relatively compete with Square, which equally provides hardware and software for mobile payment options.