The deal is intended to allow Apple to leverage Mobeewave technology to turn iPhones into mobile payment terminals.
Mobeewave’s technology enables use of a smartphone to access credit card and process a payment. The system works with an app and only requires a Near Field Communications (NFC) chip, which have been included in iPhones since 2014.
The news agency added that Apple retained the Mobeewave employees team, which will continue to work from office in Montreal.
Apple integrated its payments technology Apple Pay to the iPhone in 2014, allowing customers to tap-and-pay for physical goods in retail stores. Last year, the company introduced its own credit card.
By integrating Mobeewave’s technology, Apple would enable customers to use their iPhones for quick, easy payments without the need for additional hardware.
Last year, Mobeewave secured investment from technology giant Samsung’s investment unit Samsung Venture Investment. The funds were intended support Mobeewave’s research and development to further progress its payment technology solutions.
The investment was made almost a year after Samsung said that it will offer Mobeewave’s in-person contactless payment acceptance solution on its devices.
The Mobeewave solution can be used to accept contactless card or mobile wallet payment on smartphones, without the requirement of physical hardware.