Canadian company Mobeewave has been purchased by Apple for $100 million, giving the tech giant’s existing iPhones the ability to function as contactless, mobile pay hubs. Mobeewave is an app that doesn’t require cables or other hardware; the NFP chip that makes it work has been incorporated in iPhones since 2014.
This deal puts Apple firmly in the payments space, complementing Apple Pay and its credit card Apple Card—and directly competing with Square. Mobeewave eliminates friction in the payments process with a tap by the card on the phone. The acquisition gives Apple instant advantage, making it easier for consumers and sole proprietors/small retailers to make and take payments, while increasing iPhone ROI.