Apple has reportedly bought a new startup called Mobeewave Inc in a deal worth around $100 million. This company specializes in converting iPhones into payment terminals. According to sources quoted in the Bloomberg report, the valuation of the deal puts the company as a top focus for Apple. But the company refused to confirm the size of the deal. Also Read - Historic Antitrust hearing: Here’s what Amazon, Facebook, Google, Apple CEOs said
Mobeewave has developed technology that allows card payments on iPhone via a tap on the device. Most likely, the company uses NFC technology for the payment to work. We have seen payments terminals offer a similar feature. But buying this company ensures the company can develop the ecosystem further. Also Read - Apple iPhone 12 leaked live image reveals wide notch, compact form factor
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Apple Pay will benefit from the inclusion of this feature. But it’s easy to forget the company launched its own physical credit card last year. The card works in tandem with the Apple Wallet app which offers data and transactions in one place for the user. Also Read - Apple iPhone 12 series tipped off to be launched on September 8; check details
Mobeewave integration comes at a crucial juncture for the brand and the payment industry, with the pandemic forcing people to sign up for digital payments. And NFC-based payment through their own iPhone could be a useful way of changing the market trend. It’ll be interesting to see how the payment ecosystem benefits from its latest acquisition.
Apple credit card launched
Apple was long rumored to be working on its own credit card. After months of rumors, the company finally revealed its own credit card called Apple Card. It says this is the next generation of credit cards with a number of improvements and new features. The iPhone maker has teamed up with Goldman Sachs as the issuing bank and Master Card as the global payments network to make this card a reality.
The card is built in the Apple Wallet app which means users do not need to carry the card in person. Instead, it will be available to function from the device at all the places that support Apple Pay. Users don’t need to wait to get the Apple Card and instead the entire process is as simple as tapping a button in the app.