Mobeewave acquired by Apple for $100 million

Apple is always on a lookout for new companies that promise to bring new and innovative technology in the market and companies that could be a great addition to a new feature or service they are planning for the future. Recently, Apple has acquired Mobeewave, a Canadian startup that is working on converting iPhones into mobile payments terminals. The details of the deal were reported by Bloomberg, where it is found that Apple acquired the company for $100 million.

The technology, when fully developed, will help merchants to use Apple Pay much more easily. The technology that they use for this feature is the NFC chip, where the users have to tap the smartphone or credit card to another device for processing payments. NFC is one of the most common features that exist in all the iPhones after the iPhone 6 was launched with this feature. Good news for Mobeewave is that Apple has retained all its employees, which is around 100, and they will be working from the Montreal office location. No changes will be made to the office as well.

The company has also partnered with Samsung last year to develop a payment technology, which resulted in 10,000 downloads of Samsung’s POS app. With Apple acquiring this company, we can soon expect to see this feature being integrated into the iPhone with more features and functions than what we could see in Samsung. The company will be working in the same way as before, something Apple did not want to interfere with to maintain the team’s creativity.

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