Apple has reportedly bought a startup company that has developed a way to turn users’ iPhones into mobile payment terminals for $100 million.
Bloomberg states that Mobeewave Inc. was acquired by Apple today, which isn’t surprising. Before, an Apple spokesman said that from time to time the Cupertino-based firm buys smaller companies for various reasons and purposes.
Mobeewave has been working on a form of technology that makes phones able to accept credit card payments. A shopper can tap their existing credit card on a smartphone and it will process through the combination of NFC and an app.
The mobile payment technology can be added on to iPhones and other Apple products, notably the Apple Card and as a direct competitor with the POS platform of Square. Tim Cook mentions that it’s a standard practice of Apple to buy smaller companies and have its technology added to the iPhone.
Other notable acquisitions this year include weather app Dark Sky and virtual reality company NextVR.