Is Apple preparing to take on the mobile payment company, Square, Inc.? A recent purchase suggests as much.
Apple has reportedly acquired Mobeewave, a Montreal-based tech startup that empowers tap-based payments. It works like this: a vendor with the app installed can turn their near-field communication-equipped (NFC) smartphone or tablet into a contactless payment terminal.
So unlike Square, which depends on a card reader for payments, Mobeewave’s technology can accept payments from NFC-equipped cards and smartphones with a tap. Apple’s iPhones, notably, have come packing NFC tech since 2014.