Candice Cooke, United States
Reach FinSettle
Apple has purchased Canadian company Mobeewave, a mobile payments technology company, for $100 Mil
Mobeewave, a Canadian-based technology company, has been bought by Apple in a deal worth $100 Mil. Mobeewave turns phones into payment hubs.
Apple Inc. has acquired Mobeewave Inc., a startup with technology that transforms iPhones into mobile payment terminals, in a bid to bring users further transaction convenience.
Mobeewave's technology lets shoppers tap their credit card or smartphone on another phone to process a payment. The system utilises an app and a Near Field Communications Chip, or NFC, which iPhones have been using in their hardware since 2014.
Samsung Electronics Inc, partnered with Mobeewave last year to allow its phones to use the technology. It's believed that Samsung's venture arm are also invested in the technology.
The acquisition is expected to put Apple in direct competition with Square Inc., a leading provider of hardware and software that process payments using smart phones and devices. The deal is one of several that Apple have made this year.
