Your iPhones Might Become Payment Terminals Soon

In some time, you can now also expect your iPhone to become a mobile payment terminal as well - all thanks to Apple’s newly acquired startup Mobeewave Inc. which will now help the company in making this technology a reality.

For those of you, who are hearing about Mobeewave Inc. for the first time, the start-up has been known for introducing a unique system that lets users to tap their credit cards or smartphones on the other phone for making any specific payment. Their developers have made the processing possible with the help of an app and hardware specifications of Near Field Communications, or NFC chip which are already present in iPhones ever since 4s came out in 2014.

According to Bloomberg, Apple has paid about $100 million to Mobeewave Inc. and the acquired company is said to have a dozen employees which the Cupertino based technology giant has accepted retain. However, all of the employees will continue working from Montreal.

In recent times, Apple has continued to buy smaller technology companies all with the hopes of bringing in unmatched innovations for future iPhone models. This one in particular seems to be more aimed at improving the Apple Pay option, which the company first launched in 2014. Due to it users can now pay for physical goods with a single tap in selected retail stores.

Last year, the company also took the whole process one step further by launching its own Apple Card. Now with Mobeewave inc.’s integration, one can expect iPhones to make payments without the need for additional hardware. However, this move will put Apple head to head with Square Inc. which is already regarded as the leading provider of payment hardware and software in the mobile phone and tablet world.

Mobeewave Inc. has also partnered up with Samsung Electronics Co. last year to integrate the same technology. In fact, Samsung’s venture arm has also been one of the investors in the start-up with a contribution of $20 million as per the estimates of PitchBook.

This isn’t the only deal Apple has made this year as the list also includes weather app Dark Sky, virtual-reality content broadcasting company NextVR, Voysis, and Inductiv to improve Siri and artificial intelligence, and Fleetsmith for enterprise device management. But what Apple is planning to do with the technology seems more enticing.

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