Apple buys startup to turn iPhones into payment terminals

• Apple has acquired Canada’s Mobeewave for $100 million, a startup with technology that could transform iPhones into mobile payment terminals

• Mobeewave’s technology lets shoppers tap their credit card or smartphone on another phone to process a payment using NFC

• Samsung partnered with Mobeewave last year to allow its phones to use the technology.

• Samsung’s venture arm is also an investor in the startup

Source: Bloomberg

By Parth Chhaparwal

Incoming Associate Consultant at Bain & Co.