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Apple buys startup to flip iPhones into payment terminals, IT News, ET CIO

From Mark Gurman

Apple Inc. has obtained Mobeewave Inc., a startup using technologies that may change iPhones into mobile payment terminals, according to individuals knowledgeable about the issue.

Mobeewave’s technology allows shoppers tap on their credit card smartphone on another telephone to process a payment. The machine works with a program and doesn’t require hardware outside a Near Field Communications, or NFC, processor, that iPhones have comprised because 2014.

The Cupertino, California-based tech giant paid approximately $100 million to the startup, among those individuals said. Mobeewave had tons of workers, and Apple has kept the group, which has been function from Montreal, according to the folks comfortable. They asked not to be identified talking a personal trade.

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

Apple generally buys startups to flip their technologies into characteristics of its own products. Apple additional Apple Pay into the iPhone in 2014, enabling users to cover physical products using a tap in retail shops. This past year, it established its own charge card, the Apple Card. Integrating Mobeewave can let anybody with an iPhone accept obligations without extra hardware.

This could place Apple into more direct competition with Square Inc., a leading supplier of payment hardware and applications for tablets and smartphones.

On its own site, Mobeewave indicates a demo of a user typing in a trade number and then a client tapping on their credit card to the phone to process the payment to the gadget.

Samsung Electronics Co. partnered with Mobeewave past year to permit its phones to utilize the technologies. Samsung’s venture arm is also an investor at the startup, which has increased over $20 million, based on PitchBook.

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The bargain could be among many Apple this season. It recently obtained weather program Black Sky and virtual-reality content broadcasting firm NextVR. Other purchases include Voysis, Xnor.ai and Inductiv to enhance Siri and artificial intelligence, and Fleetsmith for business device administration.

Oliver Smith

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