Technology giant Apple has reportedly acquired mobile payment technology developer Mobeewave to potentially transform iPhones into payment terminals.
The deal is believed to be worth $100m and Apple has kept Mobeewave’s staff on board, according to a report from Bloomberg which cites people familiar with the matter.
A spokesperson from Apple told Bloomberg it is not discussing the purpose of the acquisition.
Mobeewave has built a platform capable of transforming mobile phones into a payment terminal. The user simply enters the amount they wish to collect on the phone and tap the client’s credit card to the back of the phone and funds will be transferred.
Apple has already introduced a number of payment methods, with Apple Pay already using iPhone devices to complete transactions. The technology company also released Apple Card last year, its own credit card.
Last year, Mobeewave collected $16.5m in its Series B round, which was backed by NewAlpha Asset Management, Mastercard and Forestay Capital.
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