It’s getting easier and easier to never have to use paper money again. Thanks to advances in credit card payment, nothing is needed. Apple will make your job easier with its acquisition of Mobeewave, a technology that will transform an iPhone into a payment terminal.
Apple acquires Mobeewave
Contactless payments have been available for quite some time. You can place your credit card with a “chip” or your phone with a payment application near the payment terminal to make a payment. Additionally, Square opened up payments to small businesses, allowing them to connect a device to their phones to enable contactless payments or contactless payments.
Apple has its payment app, Apple Pay, which requires two-factor authorization or NFC. Once users add their credit card to the app, it allows them to use their iPhone as contactless payment. They authenticate with Touch ID or Face ID. Payment can also be made with an Apple Watch by double-clicking a button.
On top of that, Apple has now acquired Mobeewave for $ 100 million, according to people familiar with the matter. This company has technology that allows users to use their credit card or smartphone on another smartphone to pay. It does not require any hardware like a Square. All it takes is an NFC chip, which iPhones have had since 2014.
In the Mobeewave acquisition deal, Apple is retaining its employees, who, for now at least, continue to work outside of Montreal, according to sources who requested not to be identified, according to Bloomberg.
“Apple does buy smaller tech companies from time to time, and we usually don’t discuss our goal or our plans,” an Apple spokesperson said.
It is true; Apple often acquires small businesses. One of its most publicized recent mics is the Dark Sky weather app. It has just been discontinued for Android users.
Learn more about Mobeewave
Last year, Samsung partnered with Mobeewave to enable its phones to use this technology. Samsung is also an investor in the startup. Perhaps Samsung will now be left out of terminology after Apple’s pickup, just like Androids was for Dark Sky.
On Mobeewave’s website, it shows the steps for using its payment technology. The “seller” enters the dollar amount on an app, the “buyer” card is tapped on the back of the seller’s phone, and this processes the payment.
Apparently, with Apple’s existing NFC technology, if both phones have it, it looks like it would be possible to put the two phones together to initiate payment, instead of having to pull out a credit card.
Read our article on Contactless Payment Security to determine if this is a technology you want to consider.
Image Credit: Mobeewave and public domain
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