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Apple is reportedly acquiring a startup that could turn iPhones into payment terminals

Apple has acquired a startup with technology that could turn iPhone into mobile payment terminals, Bloomberg reported. The Montreal-based Mobeewave has technology that only requires an NFC chip to work, allowing users to tap their smartphone or credit card on another phone for payment processing. NFC chips are included in iPhones since the iPhone 6. And while Apple Pay allows buyers to tap their iPhones to pay in a store, Mobeewave can ensure that any iPhone can accept payments without additional hardware such as a card reader.

According to Bloomberg, Apple paid approximately $ 100 million for Mobeewave and has retained its team of employees. Neither company would respond to the transaction. Rival phone manufacturer Samsung collaborated with Mobeewave last year about a trial sales program in Canada. And like Bloomberg notes, Samsung’s venture division is an investor in Mobeewave.

Apple has so far taken over several other startups this year, including the popular weather app Dark Sky in March. It appears that the features of Dark Sky will be integrated into the native weather app in iOS 14 and the Android version of the Dark Sky app will be closed as of August 1. Apple also confirmed in May that the VR broadcaster bought NextVR.