Apple recently purchased Mobeewave, a payments technology startup that developed a method by which smartphones like iPhone can be used as mobile payments terminals.
Citing sources familiar with the matter, Bloomberg reports Apple paid approximately $100 million for Montreal-based Mobeewave and its “dozens” of employees. The team has been retained and continues to work out of its headquarters.
Mobeewave’s technology employs NFC communications to enable users to conduct payments by tapping a compatible credit card on a smartphone. Consumers can also trigger transactions by bringing two smartphones within close proximity of each other, the report said.
The CEO of Square is going to be unhappy. Many small merchants at farmers markets around the world are going to be very happy.