Apple soon to turn iPhones into tap-to-pay payment terminals
Apple soon to turn iPhones into tap-to-pay payment terminals
Apple will soon launch a new service that will let small businesses accept tap-to-pay payments directly on their iPhones without, importantly, requiring any extra hardware, Bloomberg News reports, citing “people with knowledge of the matter.”
Mark Gurman for Bloomberg News:
The system will likely use the iPhone’s near field communications, or NFC, chip that is currently used for Apple Pay.
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iPhones To Soon Accept Contactless Payments Directly
iPhones To Soon Accept Contactless Payments Directly
Small companies may soon be able to accept payments using iPhones rather than Square-style additional hardware, according to a Bloomberg article.
Since Apple purchased contactless payment startup Mobeewave in 2020, the functionality has been rumoured, and Bloomberg now reports that it might be available “in the coming months” via a software update.
Mobeewave previously collaborated with Samsung…
Our partner Technicity recently reported on Apple acquiring Montreal, Canada-based mobile POS startup Mobeewave. Such could open up new opportunities in the payment space for the American tech giant.
Faisal Khan wrote:
...the smartphone giant has now acquired a Canadian startup, which offers technology that could turn iPhones into mobile payment terminals. Montreal-based Mobeewave Inc. — offers innovative technology that lets shoppers tap their credit card or smartphone on another phone to process a payment.
The company basically offers a software-based solution, which does not need any additional hardware beyond a Near Field Communications (NFC) chip — something Apple has included in its iPhones since 2014. According to the Bloomberg report, Apple paid about $100 million for the startup with Moobewave retaining most of its employees, who would continue to work out of Montreal.
2014 was the same year when Apple added the Apple Pay feature to its flagship phone — allowing users to pay for physical goods with a tap in retail stores. This acquisition puts Apple directly in competition with Square — a leading provider of payment hardware & software for smartphones & tablets,...
Samsung collaborated with Moobewave in a similar move last year to allow its phones to use the same technology.
> Read the entire article on Technicity (may require Medium.com subscription).
Apple has acquired Mobeewave, a startup with technology that could transform iPhones into mobile payment
Apple has acquired Mobeewave, a startup with technology that could transform iPhones into mobile payment
Apple Inc has acquired Mobeewave Inc, a startup with technology that could transform iPhones into mobile payment terminals, according to people familiar with the matter.
Apple Inc has acquired Mobeewave Inc, a startup with technology that could transform iPhones into mobile payment terminals, according to people familiar with the matter.
Mobeewave’s technology lets shoppers tap their credit…
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Apple has acquired Mobeewave Inc., a startup whose technology allows iPhones to act as mobile payment terminals, Bloomberg reports, citing “people familiar with the matter.”
MobeewaveMark Gurman for Bloomberg:
Mobeewave’s technology lets shoppers tap their credit card or smartphone on another phone to process a payment. The system works with an app and doesn’t require hardware beyond a Near Field…
Montreal Fintech ecosystem update - Summer 2018 (video)
- By Phil Siarri , Nuadox -
In this video, I discuss recent developments in the Montreal Fintech ecosystem: Luge Capital, Flinks, Montreal Fintech Station, Mobeewave / National Bank partnership, Hardbacon equity crowdfunding campaign and the Holt Fintech Accelerator.
Read Also
Finance Montréal announces the creation of the Montréal FinTech Station
Luge Capital: A new Canadian VC fund specializing in Fintech and AI
The Holt Fintech Accelerator Program launches in Montreal
