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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.

 

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