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Apple reportedly acquires startup that could turn iPhones into payment terminals

Apple has acquired a startup with technology that could turn iPhones into mobile payment terminals, Bloomberg reported. Montreal-based Mobeewave has tech that requires only an NFC chip to work, allowing users to tap either their smartphone or a credit card to another phone for payment processing. NFC chips have been included in iPhones since the iPhone 6. And while Apple Pay lets shoppers tap their iPhones to pay at a retail store, adding Mobeewave could allow any iPhone to accept payments without extra hardware like a card reader.

According to Bloomberg, Apple paid about $100 million for Mobeewave, and has retained its team of employees. Neither company would comment on the transaction. Rival phone manufacturer Samsung partnered with Mobeewave last year on a pilot point-of-sale program in Canada. And as Bloomberg notes, Samsung’s venture division is an investor in Mobeewave.

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