Apple acquires Montreal startup

According to Bloomberg, Apple has decided to acquire a Montreal-based startup with technology that could turn an iPhone into a mobile payment terminal, according to the Kod website.

The startup is called Mobeewave. With its technology, which only requires NFC to work, users can tap their smartphone or bank card to another phone to process payments.

Apple has had NFC chips since the iPhone 6, says The Verge. While Apple Pay allows you to pay for purchases in stores, these same stores will be able to use Mobeewave technology to allow any iPhone to accept payments without additional equipment.

According to Bloomberg, about $ 100 million Apple had to pay in order to buy out Mobeewave while retaining the startup team.

Samsung partnered with Mobeewave last year on a pilot program to establish a point of sale in Canada. Samsung VC is known to be an investor in Mobeewave.