Apple acquired Canadian startup Mobeewave and secured technology that can transform iPhones into mobile payment terminals.
Mobeewave’s technology allows users to process payments with a tap of their credit card or smartphone on another phone. This works with an app and uses an NFC chip which iPhones already have since 2014.
With the acquisition, Apple also kept all of the Mobeewave employees.
Apple stated:
Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans.
Usually, Apple buys startups and turns their technology into features for its products. Apple Play was added to iPhone in 2014 and allows users to pay for goods in retail stores with a rap. Apple even launched its own credit card last year, Apple card. The addition of Mobeewave will let people who have iPhone accept payments.
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