Gadget Insights: Apple recently acquired Mobeewave, a technological startup that has developed a method by which iPhone can be used as mobile payments terminals.
Apple paid about $100 million for Montreal-based Mobeewave and its “dozens” of employees, reported Bloomberg. The team has been withheld and continues to work at its headquarters.
“Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans,” said Apple, confirming it’s purchase.
Mobeewave’s technology enables its users to make payments by tapping a suitable credit card on a smartphone. It also allows consumers to complete transactions by bringing two smartphones within close contiguity of each other.
Mobeewave seems to focus on the secure transfer of credentials over existing hardware protocols. A varied point of sale terminals assist tap-to-pay credit card transactions.