Apple acquires startup with technology that turns iPhones into payment terminals
Mobeewave's technology allows consumers to accept card payments with a tap on their phones.
Image source: Mobeewave
Apple is expanding its mobile payment service with the acquisition of Mobeewave.
According to Bloomberg, Apple bought the startup for about $100 million. The startup had dozens of employees and the entire team has been retained by Apple.
Mobeewave's technology does not require dongles, cables or extra hardware to work. It works with an app and the device needs to have NFC. Consumers can tap their credit card or phone on another phone to make payments.
Source: Bloomberg
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