As per reports, Apple has acquired a Canada-based start-up known for the tech that can help transform iPhone into the much-needed contactless acceptance device for payment requirements. This is in an effort to directly challenge the leading mobile payment software and hardware service provider named Square.
Bloomberg mentioned that Apple is now paying about $100 million in order to purchase Mobeewave. This is another company that is the maker of technology aiding mobile devices a chance to accept payments in person without the need for additional hardware.
After the application has been installed within your smartphone that is equipped with an NFC chip, the buyer can easily tap their cards against the phone’s back in order to make the payment. There is no need for dongles, card readers, wires, or any other hardware.
Additionally, the buyers can type in the amount needed to be paid over their cell phone & then tap over the recipient phone in order to make payment. Recently, Samsung partnered up with Mobeewave in order to capacitate its smartphones with the same technology. The company received investments from Samsung Venture Investment. This was followed by a funding round that was led by Mastercard, NewAlpha, as well as Forestay Capital.