Apple Acquires Mobeewave Startup That Turns Smartphones Into Mobile Payment Terminals [Video]

Apple Acquires Mobeewave Startup That Turns Smartphones Into Mobile Payment Terminals [Video]

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Apple has acquired Mobeewave, a startup that turns smartphones into mobile payment terminals, reports Bloomberg.

Mobeewave’s technology lets shoppers tap their credit card or smartphone on another phone to process a payment. The system works with an app and doesn’t require hardware beyond a Near Field Communications, or NFC, chip, which iPhones have included since 2014.

Sources say Apple paid about $100 million for Mobeewave. The company has dozens of employees based in Montreal and Apple has retained the team.

When questioned, Apple gave its usual response 'confirming' the acquisition.

“Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans,” an Apple spokesman said.

Take a look at the video below to see Mobeewave's technology in action.

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