Apple Acquired Mobeewave, a Startup That Lets Smartphones Accept Payments Using NFC

[MacRumors]

Apple has purchased payments startup Mobeewave, which created a system that lets shoppers tap a credit card or smartphone on another phone to process a payment. The functionality could allow iPhones to be used as payment terminals with no additional hardware required.

According to Bloomberg, Apple purchased the startup for approximately $100 million. Mobeewave's technology works with NFC, which is built into all modern iPhones. Mobeewave's website says sending payments with the Mobeewave app is as simple as inputting a transaction amount and tapping an NFC-enabled card on the back of a smartphone.

Apple hired the whole Mobeewave team, which includes dozens of employees, and the company is continuing to work from Montreal where it is based. Apple confirmed the acquisition with its typical statement: "Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans."

As Bloomberg points out, the acquisition has the potential to allow Apple to compete with companies like Square, which makes hardware that allows iPhone users to accept credit and debit card payments.

Article Link: Apple Acquired Mobeewave, a Startup That Lets Smartphones Accept Payments Using NFC

 

[moabal]

Now this is huge. Surprised they have not implemented this sort of feature yet.

 

[Apple_Robert]

This is definitely big news. Hopefully, Apple can incorporate this kind of technology into the consumer side as well as the business side.

 

[Mactendo]

In the year 2525 (if man is still alive) Apple will add this feature to iOS 519.

 

[matrix07]

Tap 2 iPhones together to pay your friend. ?

 

[entropys]

Tap 2 iPhones together to pay your friend. ?

Definitely need Face ID or Touch ID to be secure.

 

[sinoka56]

Tap 2 iPhones together to pay your friend. ?

You can already send money through the messages app?

Send and receive money with Apple Cash - Apple Support

Use Apple Cash to send and receive money with people you know.

support.apple.com

 

[raywkh14]

Wow this is huge! If this works out, then payment platform such as Chase and Moneris will be in a lot of trouble. This will enable more locations to allow Tap to Pay without these middle man payment solutions.

 

[Virtual Steve]

In the year 2525 (if man is still alive) Apple will add this feature to iOS 519.

I see what you did there Not too many Zager and Evans references on the MR Forums. Well played.

 

[chabig]

Wow this is huge! If this works out, then payment platform such as Chase and Moneris will be in a lot of trouble. This will enable more locations to allow Tap to Pay without these middle man payment solutions.

I don’t think it changes anything. The credit provider is still in the middle.

 

[tmiw]

Anyone else think this is more going to be for countries that don't have high card use as it is? Given how inexpensive stuff like Square is (at least in the US), I don't see Apple competing where other options already exist.

 

[MasterMaCanada59]

Soooo great . Apple and a Canadian company located in Montréal. ?

 

[SoN1NjA]

If you had to ask me I think a technology/app like this would’ve been far more beneficial for small businesses rather than adding yet another way to use Apple Cash

 

[nicho]

Sounds good for criminals.

Not to mention more inevitable antitrust investigations if they do this themselves but competitors have to use dongles.

 

[sw1tcher]

Wow this is huge! If this works out, then payment platform such as Chase and Moneris will be in a lot of trouble. This will enable more locations to allow Tap to Pay without these middle man payment solutions.

I was thinking this could be trouble for Square and PayPal. This would kill the need for their card readers and payment terminals.

If Apple wanted to expand their services business, offering small business solutions like Square and PayPal would bring in the $$$

 

[TrulsZK]

Yse, today I am using iZettle https://www.izettle.com to accept payments with a card reader connected via bluetooth. Nice to hopefully get the ability to just use my iPhone, assume the PIN code is entered on the screen so less secure and user friendly than a dedicated card reader.

 

[Smigit]

I was thinking this could be trouble for Square and PayPal. This would kill the need for their card readers and payment terminals.

If Apple wanted to expand their services business, offering small business solutions like Square and PayPal would bring in the $$$

I wonder if they’d allow access via APIs or not. If they did it might conversely be a boom for those companies. I can’t imagine the very base model readers carry large margins, so this could expand the market for them. Customers buying the larger readers with numpads likely would stick to those.

Thats a big “if” though as to whether Apple would open such functionality up.

 

[BvizioN]

In the year 2525 (if man is still alive) Apple will add this feature to iOS 519.

You have to be the mos pessimist man breathing in this corner of Milky Way.

 

[allenvanhellen]

Would this not make it crazy easy to steal from people?

 

[GoldenOak]

You can already send money through the messages app?

if you are in the US.

 

[Piggie]

How much percentage of each transaction would apple take do you think for such a feature.

 

[patent10021]

Imagine the ease of red-light transactions.

 

[Piggie]

Imagine the ease of red-light transactions.

Perhaps that's a good reason why Apple would not take a cut.
Apple making money from drugs and prostitution transactions. Nice headline

 

[PickUrPoison]

There must be some IP there somewhere.

 

[wschutz]

Now this is huge. Surprised they have not implemented this sort of feature yet.

Perhaps this may help understand a potential why on the purchase rather than the implementation of the feature...