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Apple Inc.(NASDAQ: AAPL) has reportedly acquired Mobeewave Inc., a company with technology that aims to transform iPhones into mobile or digital payment terminals, according to sources familiar with the matter.
Mobeewave’s technology allows consumers to simply tap their credit card or mobile phone on another phone in order to complete a payment. As reported by Bloomberg (which cited people familiar with the matter), the system can work with an app and doesn’t need any additional or specialized hardware, except for a standard Near Field Communications (NFC) chip, which have been added to iPhones since 2014.
The Cupertino, California-headquartered tech giant reportedly paid around $100 million for the acquisition. Apple will be retaining Mobeewave’s existing employees. The company will continue to operate out of its Montreal offices, according to sources.
An Apple representative said that the company regularly acquires smaller tech firms and it usually doesn’t talk about the purpose or plans.
Apple often acquires smaller companies so that it can turn their proprietary technology into features of its own products. For instance, Apple launched Apple Pay with the iPhone back in 2014.
Apple Pay lets users pay for physical goods and services with a simple tap at various …
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