iPhones May Become Payment Terminals
SAN FRANCISCO: Apple has acquired Mobeewave, a start-up with technology that could turn iPhones into mobile payment terminals.
Mobeewave has 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.
Apple Pay already lets shoppers tap their iPhones to pay at a retail store.
Adding Mobeewave could allow any iPhone to accept payments without extra hardware like a card reader.
Apple reportedly paid about US$100 million for Mobeewave and has retained its team of employees.