Technology, Business

August 03, 2020

iPhones may soon double as payment terminals

Source: Unsplash (Mark S) 
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The Gist

Apple has just purchased a Mobeewave Inc., a startup that allows smartphones to function as payment terminals without extra hardware. 

The List

  • Montreal-based startup Mobeewave Inc. was recently purchased by Apple for 100 million USD. 
  • It had previously assisted Samsung in turning some of its phones into payment terminals without any additional hardware attachments. 
  • Mobeewave's technology leverages the contactless payment function found in smartphones to let them receive payments as well. 
  • With small businesses as the key demographic, this puts Apple in direct competition with the current small business payment terminal leader, Square.
  • Square's technology requires additional hardware to use. 

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