Apple buys startup whose tech can ‘transform iPhones into payment terminals’

Apple has acquired Canada-based payments company Mobeewave for $100 million. After launching a credit card with Goldman Sachs, this is the tech giant’s latest move into financial services.

Why should we care?
Montreal-based Mobeewave’s technology can reportedly turn iPhones into point-of-sale devices, adding an Apple Store-type experience to other areas of retail. Mobeewave’s payment capabilities work through an app and don’t require hardware beyond NFC chips, which Apple phones have included since 2014. Users need to type the transaction amount into the app and tap a card or smartphone on the back of their device to pay. If successfully integrated, Mobeewave could be a game-changer for Apple’s financial services ambitions and allow it to compete more aggressively against mobile payment providers like Square, and point-of-sale technology companies Toast and Fiserv-owned Clover. It also could permit the company to move deeper into direct-to-consumer retail and e-commerce, and help struggling retailers go cashierless.