The recent deal between Apple and Mobeewave could turn iPhones into no-dongle POS (point-of-sale) devices. Apple Inc. has recently bought technology. Thanks to the latter, smartphones equipped with near-field communication (NFC) can serve as POS devices without any other hardware.
Apple’s Mobeewave Deal: What About Merchant Accounts
Apple Inc. has recently acquired Mobeewave Inc. The latter is a 9-year-old technology company operating in Montreal, Canada.
In October 2019, Mobeewave with Samsung Electronics Co. Ltd. introduced a new capability. The latter enables mobile phones with no dongles or without card-reader attachments to process card transactions through an NFC link between a contactless card and the device.
No information is available about the price of the deal between these 2 companies. According to Digital Transactions News, the deal costs anywhere between $120 million and $150 million.
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More on Apple & Mobeewave
Apple usually acquires startups for the purpose of turning their technology into features of its products. E.g., in 2014, Apple added Apple Pay to the iPhone to enable users to pay for physical goods by just tapping in retail stores. In 2019, the company introduced its own Apple Card.
When it comes to Mobeewave, Samsung Electronics Co. entered into a partnership with Mobeewave in 2019. Samsung’s venture arm has also invested in the startup, which has raised over $20 million, as PitchBook reports.
So, Apple Inc. has bought Mobeewave Inc. The latter is a startup with technology that can help turn iPhones into mobile payment terminals.
Author Bio:- Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.