29th May 2023

Bloomberg: Apple Acquires Canadian Payment Application Developer Mobeewave With Samsung Investment

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According to Bloomberg, Apple has acquired Montreal-based Canadian payment application developer Mobeewave, which is developing technology that will allow the iPhone to be used as a POS terminal.

Mobeewave technology is based on NFC, with its help you can easily turn any iPhone into a POS terminal without having to buy separate equipment (mini terminal / card reader). NFC modules have been included in the iPhone since 2014, when the iPhone 6 models were released. Thus, the potential integration of Mobeewave will significantly expand the payment functionality of the iPhone, allowing you to use Apple phones for receiving payments, and not just for paying for goods and services.

According to Bloomberg, the deal is worth $ 100 million. It is also reported that all former Mobeewave employees will go to work for Apple. Neither party has officially commented on the announcement of the deal.

Remarkably, Apple’s main competitor in the smartphone market, Samsung, owns a portion of Mobeewave through its venture capital arm. Samsung partnered with Mobeewave last year to pilot a service in Canada to use the company’s smartphones as a POS terminal.

Mobeewave was founded in 2011 by Maxime de Nanklas and Benjamin du Has. Throughout its existence, according to Crunchbase, it has raised $ 26.6 million.

Apple has bought several companies since the beginning of the year. These include California-based VR developer NextVR, Irish AI software company Voysis, and the popular weather forecasting app Dark Sky.

Earlier, Apple CEO Tim Cook said that on average, Apple buys one company every two to three weeks.

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Just a few days ago, Apple’s market capitalization reached $ 1.84 trillion – and the iPhone maker once again seized the lead in the ranking of the most valuable public companies in the world. On the back of record quarterly results, Apple shares continue to rise in price.

Source: Bloomberg

Vicky O. Torres

My name is Vicky O. Torres. I am a psychologist by profession, and I love my work very much. And in general, I am an active seeker of truth, silence and beauty of the world.

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