Skip to main content

Digital Trends may earn a commission when you buy through links on our site. Why trust us?

iPhones may soon function as payment terminals with new Apple acquisition

iPhones may soon be able to function as mobile payment terminals with the help of technology from a startup that Apple reportedly acquired.

The technology of Montreal, Canada-based Mobeewave allows shoppers to make payments by tapping their credit card or smartphone on another smartphone. The startup’s app only requires NFC chips to work, eliminating the need for additional hardware such as card terminals.

Mobeewave details how its app handles transactions on its official website. After typing in the transaction amount in the app, the customer’s credit card will then be tapped at the back of the smartphone. The app will then process the payment.

Apple purchased Mobeewave for about $100 million, Bloomberg reported, citing a source familiar with the matter. The startup’s technology will work with iPhones, which have carried NFC chips since 2014. Apple retained Mobeewave’s dozens of employees, who will continue to work out of Montreal, the sources said.

Digital Trends has reached out to Apple and Mobeewave for confirmation and further comments on the acquisition, and we will update this article as soon as we hear back.

Apple’s payments tech

Apple launched Apple Pay in 2014, which allows iPhone owners to pay for their purchases by tapping their devices on store terminals. This was followed last year by the Apple Card, which was launched in partnership with Goldman Sachs and MasterCard.

If Apple integrates Mobeewave’s technology into Apple Pay and Apple Card on iPhones, it will more directly compete with Square, which provides hardware and software for mobile payment options.

Editors' Recommendations

Aaron Mamiit
Aaron received a NES and a copy of Super Mario Bros. for Christmas when he was 4 years old, and he has been fascinated with…
Here’s what iOS 17’s coolest feature looks like in action
Apple NameDrop in action.

Apple has rolled out iOS 17 globally, and if you’ve already installed it, you might be surprised by the lack of visual pizazz that it offers. That observation isn’t far from reality. With the exception of StandBy mode, which essentially turns your iPhone into a glorified smart display while charging, there really isn’t much of a visual wow factor here.

But if you dig deeper, you will find that Apple really flexed its design muscles at the most basic level — telephony. With iOS 17, Apple introduced Contact Posters. Think of them as a digital identity card, one that allows a heap of styling and really lights up your call screen.

Read more
iPhone 15 Pro Max durability test ends with big surprise
iphone 15 pro max durability tests ends with big surprise test

Zack Nelson of popular YouTube channel JerryRigEverything has been at it again, subjecting yet another phone to the kind of durability test that will leave you wincing in horror.

Be gentle with Apples new Titanium iPhone 15 Pro Max ... Yikes!

Read more
As a parent, there’s one iPhone 15 feature I can’t wait to use
Apple promotional image of the iPhone 15 Pro's camera and curved chassis.

Apple’s next-generation iPhone 15 and iPhone 15 Pro models are finally here. The entire iPhone 15 lineup has Dynamic Island and USB-C. With the standard iPhone 15, you get the A16 Bionic that was introduced last year, and the iPhone 15 Pro models get the new A17 Pro chip and Action button. And if you opt for the iPhone 15 Pro Max, you also get the brand new tetraprism telephoto lens for 5x optical zoom capabilities.

While the new hardware changes are nice, Apple also has some new software features that are exclusive to the iPhone 15 lineup. One of these is the new Auto Portrait mode, and as a parent of a very active toddler, this is one of the most exciting things for me about the entire iPhone 15 lineup.
What is Auto Portrait?

Read more