Bloomberg reports that Apple has bought Mobeewave Inc. Now, what does this company do? Well, it is a tech-based startup that creates technology to make iPhones behave like payment terminals. Sources who are well-versed with the entire proceedings state that the deal was worth $100 million.
All the present Mobeewave employees now directly come under the employment of Apple. However, these employees would continue to work from Montreal only, from where the organization is based out of.
Apple has confirmed the acquisition. When queried by Bloomberg reporters, an Apple spokesperson stated that “Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.” However, beyond this, the spokesperson did not reveal any other details, not even about the $100 million deal price.
Mobeewave has developed its technology such that credit card payments can be carried out smoothly by a single tap on the phone. The customer simply needs to tap his or her credit card or smartphone on the smartphone’s backside to complete a payment transaction. The complete setup can be operated from either a Mobeewave app and also NFC technology.
Procedure to convert an iPhone to a payment terminal
The entire process of turning an iPhone into a payment terminal has been put up on the Mobeewave website. There are three simple steps for the same which are listed out as follows:
- Enter the transaction price
- Tap the customer card on the backside of the device
- Once the tapping process is done properly, the payment gets completed successfully on the device
There are various techniques by which Apple could embed this technology into the iPhone and various other products. With the aid of this technology, Apple could extend its Apple Play platform that could turn out to be a competitor for Square’s Point Of Sale platform by accepting the credit card and debit card payments. To top it all, the Apple Card arrived last year. This environment could be a favorable one for Mobeewave to get integrated into. The Apple card is also inclusive of the Apple Wallet app.
The news of Apple acquiring Mobeewave comes almost immediately after Apple CEO Tim Cook highlighted the organization’s plans for acquiring other companies. Compared to other tech organizations whose main goal is to acquire potential competitors, Cook has highlighted that during any acquisition, Apple mainly focuses on embedding the acquired company’s technology into the iPhone. Apple targets purchasing small scale companies regularly. Sometime during the previous year, Cook had mentioned during one of his interviews that, on average, Apple plans on acquiring a company every two to three weeks.
A few days back, Apple purchased Dark Sky, which is a weather app. Currently, the features of this app have been imbibed into the Weather app on the iPhone in iOS 14 as new features. Sometime this year, Apple also purchased NextVR. This company focuses mainly on providing VR experiences when one is viewing an actual event.