Apple reportedly acquires startup that could turn iPhones into payment terminals

Apple has acquired a startup with technology that could turn iPhones into mobile payment terminals, according to a report by Bloomberg. Montreal-based Mobeewave is the owner of the technology that requires only an NFC chip to work, allowing users to tap either their smartphone or a credit card to another phone for payment processing.

NFC chips have been included in iPhones since the iPhone 6. And while Apple Pay lets shoppers tap their iPhones to pay at a retail store, Mobeewave could allow any iPhone to accept payments without extra hardware like a card reader.

Bloomberg reported that Apple paid about $100 million for Mobeewave, and has retained its team of employees. Rival phone manufacturer, Samsung, was known to have partnered with the company last year on a pilot point-of-sale program in Canada making Samsung’s venture division an investor in the company.

Apple has acquired several other startups this year so far, including popular weather app, Dark Sky in March. It looks to be integrating Dark Sky’s features into its native weather app in iOS 14. Apple also confirmed in May that it bought VR broadcast company NextVR.