Apple has purchased payments startup Mobeewave, which created a system that lets shoppers tap a credit card or smartphone on another phone to process a payment. The functionality could allow iPhones to be used as payment terminals with no additional hardware required.
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According to Bloomberg, Apple purchased the startup for approximately $100 million. Mobeewave's technology works with NFC, which is built into all modern iPhones. Mobeewave's website says sending payments with the Mobeewave app is as simple as inputting a transaction amount and tapping an NFC-enabled card on the back of a smartphone.
Apple hired the whole Mobeewave team, which includes dozens of employees, and the company is continuing to work from Montreal where it is based. Apple confirmed the acquisition with its typical statement: "Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans."
As Bloomberg points out, the acquisition has the potential to allow Apple to compete with companies like Square, which makes hardware that allows iPhone users to accept credit and debit card payments.
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I see what you did there ;) Not too many Zager and Evans references on the MR Forums. Well played.In the year 2525 (if man is still alive) Apple will add this feature to iOS 519.
At the many places that still don't take ApplePay or tap-to-pay in general, I would assume lots of people.Who the hell still uses physical credit cards?